Question : If there is a tournament Fund, then Match Expenses are transferred to

Option 1: Income and Expenditure A/c.

Option 2: Assets side of Balance Sheet.

Option 3: Match Fund in Liabilities side of Balance Sheet.

Option 4: Both Income and Expenditure A/c and to Balance Sheet.

Question : If there is a tournament Fund, then Match Expenses are transferred to

Option 1: Income and Expenditure A/c.

Option 2: Assets side of Balance Sheet.

Option 3: Match Fund in Liabilities side of Balance Sheet.

Option 4: Both Income and Expenditure A/c and to Balance Sheet.

Question : Tiger Club has a prize fund of Rs.8,00,000. It incurs expenses on prizes amounting to Rs.6,00,000. The expenses should be:

Option 1: To be shown on the assets side of the balance sheet.

Option 2: To be deducted from the prize fund on the liabilities side of balance sheet

Option 3: Debited to Income and expenditure A/c

Option 4: To be deducted from the prize fund on the liabilities side of balance sheet and debited to Income and Expenditure A/c

Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?

Option 1: assets side of closing Balance Sheet

Option 2: assets side of opening Balance Sheet

Option 3: Liabilities side of closing Balance Sheet

Option 4: Liabilities side of opening Balance Sheet

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