Question :

How would the following items be shown in the books of a not-for-organisation?
Match Fund = Rs.15.000
Prizes awarded = Rs.5,000
Match Income = Rs.10,000

Option 1:

Match fund will appear at Rs.20,000 in the Balance Sheet

Option 2:

Match fund will appear at Rs.25,000 in the Balance Sheet and prizes awarded will be debited to Income and Expenditure A/c

Option 3:

Match fund will appear in new Balance Sheet as Rs.15,000 and prize awarded and match income will be debited and credited respectively to Income and Expenditure A/c

Option 4: None of these

Question :

Yoga Club collected life membership fees of Rs.1,50,000. This amount will be shown in the books on:

Option 1:

Credit side of Income and Expenditure A/c

Option 2:

Debit side of Income and Expenditure A/c

Option 3:

Added to capital fund in Balance Sheet

Option 4: Shown on assets side of Balance Sheet

Question :

A debit closing balance of Receipts and Payments Account show:

Option 1:

Closing balance of cash in hand and bank

Option 2:

Closing balance of capital fund

Option 3:

Balance of net assets

Option 4: Bank overdraft

Question :

How would the following items be shown in the case of a not-for- profit organisation?

Receipts from Charity show = Rs.8,000
Expenses on Charity show = Rs.5,000

Option 1:

Net Charity fund of Rs.3,000 will be shown on liabilities side of the Balance Sheet

Option 2:

Receipts and expenses will be shown on credit and debit side respectively of Income and Expenditure A/c

Option 3:

Rs.3,000 will be added to capital fund as profit from charity show

Option 4: None of these

Question :

Delhi Sports club has sports fund investment Rs.2,00,000 on which interest @ 10% is received. This will be shown in the books as:

Option 1:

Credited to Income and Expenditure A/c

Option 2:

Addition to capital fund

Option 3:

Addition to sports fund

Option 4:

Shown on asset side along with sports fund investment