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 : 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 : If there is a Match Fund then Match expenses and Income are transferred to 

Option 1: Assets side of balance sheet 

Option 2: Income and Expenditure  A/c

Option 3: Liabilities side of Balance sheet 

Option 4: Both Income and Expenditure A/c and 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