Question : Billiard Match Expenses Rs. 25,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the Debit side of the Income and Expenditure Account.

Option 2: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the credit side of the Income and Expenditure Account.

Option 3: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the Debit side of the profit and loss account.

Option 4: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the credit side of the profit and loss account.

Question : How are the following items presented in the financial statement of a  Non  profit orginsation :

a. Tournament  Fund   - Rs 80,000

b. Tournament Expenses - Rs 14,000

Option 1: Debited Rs. 66.000 to Income and expenditure account 

Option 2: Debited Rs. 14,000 to Income and expenditure account 

Option 3:  Rs. 66,000 Tournament Fund shown on the liabilites.

Option 4: Tournament Fund Rs. 80,000 on the liabilites side.

Question : A club maintains Match Fund, then all the expenses related to Match will be:

Option 1: debited to income and expenditure account

Option 2: shown on the asset side of the Balance Sheet

Option 3: shown as a reduction from Match Fund on the side of the Balance Sheet

Option 4: none of these

Question : The following information has been extracted from the financial statements of a not-for-profit organisation for the year ended 31st March 2019.

Opening balance of Match Fund Rs 5,00,000

Sale of match tickets Rs 3,75,000

Donation for match fund received during the year Rs 1,24,000

Match expenses Rs 10,00,000

Which of the following statements is correct for the presentation of the above item in the financial statement of the not-for-profit organisation?

Option 1: negative balance of match fund Rs 1,000 will be shown on the liabilities side of the Balance Sheet as at 31st March 2019

Option 2: opening balance of match fund Rs 5,00,000 will be shown on the liabilities side of Balance Sheet as at 1st April 2018

Option 3: negative balance of match Fund Rs 1,000 will be shown on the expenditure side of Income and Expenditure account for the year ended 31st March, 2019

Option 4: both 2 and 3

Question : When the tournament expenses incurred are more than the tournament fund, then the excess amount is :

Option 1: Credited to tournament fund 

Option 2: Debit side of Income and Expenditure Account 

Option 3: credit side of Income and Expenditure A/c

Option 4: Assets side of Balance sheet