Question :

How will the following information be shown in the books of Mumbai Cricket Club?
Prize fund = Rs.2,00,000
Prize awarded = Rs.3,50,000
Donation for prizes received = Rs.80,000

Option 1:

Prize awarded be taken to debit side of Income & Expenditure A/c and prize fund appear at Rs.2,80,000 in Balance Sheet

Option 2:

Prize fund appear on asset side of Balance Sheetas Rs.70,000

Option 3:

Prizes awarded Rs.70,000 will be debited to Income and Expenditure A/c and prize fund balance is nil

Option 4: None of these

Question :

An account akin to Profit and Loss Account in profit organisation is:

Option 1:

Receipts and Payments Account

Option 2:

Trading Account

Option 3:

Income and Expenditure Account

Option 4: General Fund Account

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 :

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

Question :

The Receipts and Payments Account of Social Club starts with a credit balance of Rs.5,000. This implies the club has:

Option 1:

The net assets of Rs.5,000 as opening balance

Option 2:

The capital fund of Rs.5,000

Option 3:

The balance of cash in hand of Rs.5,000

Option 4: Bank overdraft of Rs.5.000

Question :

Receipts and Payments Account does not include which of the following?

Option 1:

Non-cash items such as depreciation

Option 2:

Outstanding expenses

Option 3:

Accrued income

Option 4: All of these