Question : The amount of subscription received in advance for next year is shown in:

Option 1: Credit side of Income and Expenditure A/c

Option 2: Credit side of Receipt and Payment A/c

Option 3: Liabilities side of Balance Sheet

Option 4: None of these

Question : Subscription received in advance by a club are shown in the:

Option 1: Credit side of Income and Expenditure Account

Option 2: Credit side of Receipts and Payments Account

Option 3: Liability side of the Balance Sheet

Option 4: Asset side of the Balance Sheet

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 : Amount received from the sale of old sports equipments will be shown in:

Option 1: Debit of Income and Expenditure A/c

Option 2: Debit of Receipts and Payments A/c

Option 3: Liabilities side of Balance Sheet

Option 4: Asset side of Balance Sheet

Question : On which side Partner's drawings out of Capital will be recorded, when their capitals are fixed?

Option 1: Debit side of Capital A/c

Option 2: Credit side of Capital A/c

Option 3: Debit side of Current A/c

Option 4: Credit side of Current A/c

Question :

Yoga Club collected life membership fees of Rs.1,50,000. This amount will be shown in the books on:

Option 1:

Credit side of Income and Expenditure A/c

Option 2:

Debit side of Income and Expenditure A/c

Option 3:

Added to capital fund in Balance Sheet

Option 4: Shown on assets side of Balance Sheet