Question :

The amount received from the sale of old sports material by a sports club is shown on:

Option 1: Debit side of Income and Expenditure Account

Option 2: Credit side of Income and Expenditure Account

Option 3: Credit side of Receipts and Payments Account

Option 4: Assets side of Balance Sheet

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 will appear on the debit side of Receipts and Payments Account of Grand Club?

Option 1:

Loss on sale of furniture

Option 2:

Subscription received

Option 3:

Insurance premium paid

Option 4: All of these

Question :

Which of the following will appear on the debit side of Receipts and Payments Account?

Option 1:

Purchase of furniture

Option 2:

Honorarium paid

Option 3:

Life membership fee received

Option 4: All of these

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