In ques. 36 of NPO in T.S Grewal, Sports material is entered in Expenditure side.. Why?
Isn't it an asset?
In the absence of any additional information regarding consumable goods, it is assumed that these expenses are of revenue nature and is useful for the current year.
Therefore, in this question, Sports Material (being consumable goods) of Rs 5,000 is shown in the Income and Expenditure A/c (Expenditure side).
Therefore, in this question, Sports Material (being consumable goods) of Rs 5,000 is shown in the Income and Expenditure A/c (Expenditure side).