Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be : Option 1: Rs. 10,000 on the receipts side Option 2: Rs. 7000 on the receipts side Option 3: Rs. 3000 on the payment side Option 4: Rs. 3000 on the receipts side

The answer is 'Rs. 7000 on the receipts side'. View full solution:

CUET Accountancy - Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be : | PYQs + Solutions

CUET Accountancy 2023 28 May Shift 1

Financial Statements

Easy

Rs. 10,000 on the receipts side

Rs. 7000 on the receipts side

Rs. 3000 on the payment side

Rs. 3000 on the receipts side

✅ Correct Option: 2