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

Question :

A club has the policy of capitalising 25% of its entrance fees. The amount of entrance fees capitalised during the year is Rs.50,000. The amount of entrance fees to be shown on credit side of Income and Expenditure A/c will be:

Option 1:

Rs.2,00,000

Option 2: Rs.2,50,000

Option 3: Rs.1,50,000

Option 4: Rs.1,00,000

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 :

Salary outstanding in the beginning of the year is Rs.75,000 and at the end of the year is Rs.90,000. The amount debited to Income and Expenditure Account is Rs.1,50,000, then the amount of salary to the credit of Receipts and Payments A/c is:

Option 1:

Rs.1,85,000

Option 2:

Rs.1,65,000

Option 3: Rs.1,35,000

Option 4: None of these

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