Question : Tournament Fund Rs. 2,00,000; Tournament Expenses Rs. 60,000; Receipts from Tournament Rs. 80,000.
How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: Tournament fund Balance to remain in the Liabilities side of the Balance Sheet Rs.2,20,000

Option 2: Balance to remain in the  Assets side of the Balance Sheet Rs.2,20,000

Option 3: Balance to remain in the Liabilities side of the Balance Sheet Rs.2,80,000

Option 4: Balance to remain in the income  side of the  income and expenditure account Rs.2,20,000

Question : Tournament Fund Rs. 2,00,000; Tournament Expenses Rs. 60,000; Receipts from Tournament Rs. 80,000.
How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: Tournament fund Balance to remain in the Liabilities side of the Balance Sheet Rs.2,20,000

Option 2: Balance to remain in the  Assets side of the Balance Sheet Rs.2,20,000

Option 3: Balance to remain in the Liabilities side of the Balance Sheet Rs.2,80,000

Option 4: Balance to remain in the income  side of the  income and expenditure account Rs.2,20,000

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 : 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 : 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