Sale of Old sports Material accounting treatment in NPO class 12 Accountancy

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Are you looking for the accounting treatment of sale of old sports material in NPO Chapter class 12 Accountancy? The treatment of sale of old sports material can be divided into three parts.

Accounting treatment of Old Sports Material in NPO class 12

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When old sports material book value is not given.

If old sports material is sold and no book value is given. it is treated as revenue receipts and recorded as income in income and expenditure account.

When Old Sports Material book value is more than the sale value.

If book value of old sports material is given and is more than the sale value. then both are compared and loss is recorded as expenditure in income and expenditure account.

When old sports material book value is less than the sale value.

If book value of old sports material is less than the sale value. then both are compared and profit is recorded as income in income and expenditure account.

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