Question :

A debit closing balance of Receipts and Payments Account show:

Option 1:

Closing balance of cash in hand and bank

Option 2:

Closing balance of capital fund

Option 3:

Balance of net assets

Option 4: Bank overdraft

Question :

Receipts and Payments Account does not include which of the following?

Option 1:

Non-cash items such as depreciation

Option 2:

Outstanding expenses

Option 3:

Accrued income

Option 4: All of these

Question :

A club received Entrance fees of Rs.22,000. The club capitalises 15% of the entrance fee. The amount to be credited to Income and Expenditure A/c will be:

Option 1:

Rs.14,700

Option 2:

Rs.18,700

Option 3:

Rs.3,300

Option 4: None of these

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 asset side of the Balance Sheet of a club?

Option 1:

Specific fund

Option 2:

Surplus earned during the year

Option 3:

Salary outstanding

Option 4: Subscription outstanding