Question : A society has 400 members each paying an annual subscription of Rs.100. Subscription due at the end of the year is Rs.7,200 and the subscription received during the year is Rs.38,000. Thus, the subscription received in advance for the next year amounts to:

Option 1: Rs.9,200

Option 2: Rs.5,200

Option 3: Rs.4,800

Option 4: None of these

Question :

Which of the following will not appear on the asset side of the Balance Sheet of a Social Club?

Option 1: Honorarium

Option 2: Sports fund Investment

Option 3: Balance of cash in hand and Bank

Option 4: Outstanding Subscription

Question : In Sports complex, there are 450 members each paying an annual subscription of Rs.100 each. Subscription of Rs.20,000 was received in advance for next year and Rs.15,000 was outstanding for the previous year in the beginning of the year. The amount to be credited to Income and Expenditure Account will be:

Option 1: Rs.55,000

Option 2: Rs.40,000

Option 3: Rs.45,000

Option 4: Rs.60,000

Question :

The surplus generated by a not-for-profit organisation is:

Option 1: Distributed amongst the members

Option 2: Added to capital fund

Option 3: Credited to a special fund

Option 4: None of these

Question :

Salary paid by Lancer Club for the year is Rs.1,80,000. Outstanding salary in the beginning and end of the year is Rs.10,000 and Rs.6,000 respectively. The amount to be debited to Income and Expenditure Account will be:

Option 1:

Rs.1,84,000

Option 2:

Rs.1,90,000

Option 3: Rs.1,86,000

Option 4: Rs.1,76,000