In accordance with American Accounting Affiliation, Committee on Accounting Ideas and Requirements, “Income is the financial expression of the mixture of services or products, transferred by an enterprise to its prospects throughout a time frame.”

Capital and income receipts

Capital receipts of enterprise comprise of capital contributed by associate or by the shareholders; loans ; sale proceeds of any mounted asset, and many others. In case of golf equipment and associations, receipts on account of life subscriptions; entry charge; authorities grants; legacies and endowments are capital receipts. Income receipts of a enterprise are, money from gross sales, low cost acquired, fee, curiosity on funding and many others. In case of membership and many others. annual subscriptions; sale of golf golf equipment and balls; receipts arising out of the premises being given to others to be used on expenses. read more