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 : Prize Fund as on 31st March, 2017 = Rs 2,50,000

Donation for prizes received during the year 2017-2018 = Rs 1,20,000

10% prize fund investment as on 31st March, 2017 = Rs 2,00,000

Interest received on prize fund investment = Rs 16,000

Prizes awarded = Rs 1,15,000

Calculate the amount of prize fund after all adjustments as on 31st March 2018. 

Option 1: Prize Fund balance to be shown on the Liabilities side of Balance Sheet Rs 2,75,000

Option 2: Prize Fund balance to  be shown on the assets side of closing Balance Sheet Rs 2,75,000

Option 3: Prize Fund balance shown on the Liabilities side Rs 2,71,000

Option 4: Prize Fund Rs 2,71,000 balance shown on the Liabilities side of the Balance Sheet 

Question : Specific Donation received by NPO are shown in the: 

Option 1: Credit side of income and expenditure account 

Option 2:  Debit side of income and expenditure account 

Option 3:  Assets side of balance sheet 

Option 4: Liabilities side of balance sheet 

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