Question : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: Balance to remain in the Liabilities side of the Balance Sheet 90,000

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

Option 3: Balance to remain in the assets side of the balance sheet Rs 90,000

Option 4: Balance to remain in the Liabilities side of the Balance sheet Rs 1,00,000

Question : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: Balance to remain in the Liabilities side of the Balance Sheet 90,000

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

Option 3: Balance to remain in the assets side of the balance sheet Rs 90,000

Option 4: Balance to remain in the Liabilities side of the Balance sheet Rs 1,00,000

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 : Rent received Rs 3,500 and rent credited to Income and Expenditure Account is Rs 4,000, where would the difference be transferred?

Option 1: outstanding Rent Rs 500 shown on the liabilities side of balance sheet 

Option 2: outstanding Rent Rs 500 shown on the assets side of balance sheet 

Option 3: Rs 500 Rent received in advance shown on the liabilities side of balance sheet 

Option 4: Rs 500 paid in advance shown on the assets side of balane sheet 

Question : Prize Fund has opening balance of Rs 10,000 which is deposited in a fixed deposit in the bank and earned interest of Rs 1,500. Further donation of Rs 5,000 was received during the year. Rs 20,000 was spent on the distribution of prizes. How much will be shown in the balance sheet?

Option 1: prize fund Rs 15,000

Option 2: prize Fund Rs 16,500

Option 3: prize fund Rs 3,500

Option 4: None of the above