Question :

An account akin to Profit and Loss Account in profit organisation is:

Option 1:

Receipts and Payments Account

Option 2:

Trading Account

Option 3:

Income and Expenditure Account

Option 4: General Fund Account

Question :

Which of the following show the debit balance of Income and Expenditure Account?

Option 1:

Capital fund

Option 2:

Closing balance cash in hand and bank

Option 3:

Excess of income over expenditure

Option 4: Excess of expenditure over income

Question :

Sale of used sports material for Rs.500 by a cricket club should be:

Option 1:

Credited to Income and Expenditure A/c

Option 2:

Debited to Income and Expenditure A/c

Option 3:

Added to capital fund

Option 4: None of these

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

Question :

Delhi Sports club has sports fund investment Rs.2,00,000 on which interest @ 10% is received. This will be shown in the books as:

Option 1:

Credited to Income and Expenditure A/c

Option 2:

Addition to capital fund

Option 3:

Addition to sports fund

Option 4:

Shown on asset side along with sports fund investment