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 : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: Balance to remain in the Liabilities side of the Balance Sheet 90,000

Option 2: Balance to remain in the Liabilities side of the Balance Sheet Rs 80,000

Option 3: Balance to remain in the assets side of the balance sheet Rs 90,000

Option 4: Balance to remain in the Liabilities side of the Balance sheet Rs 1,00,000

Question : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?

Option 1: Balance to remain in the Liabilities side of the Balance Sheet 90,000

Option 2: Balance to remain in the Liabilities side of the Balance Sheet Rs 80,000

Option 3: Balance to remain in the assets side of the balance sheet Rs 90,000

Option 4: Balance to remain in the Liabilities side of the Balance sheet Rs 1,00,000

Question : Prize Fund as on 31st March, 2017 = Rs 2,50,000

Donation for prizes received during the year 2017-2018 = Rs 1,20,000

10% prize fund investment as on 31st March, 2017 = Rs 2,00,000

Interest received on prize fund investment = Rs 16,000

Prizes awarded = Rs 1,15,000

Calculate the amount of prize fund after all adjustments as on 31st March 2018. 

Option 1: Prize Fund balance to be shown on the Liabilities side of Balance Sheet Rs 2,75,000

Option 2: Prize Fund balance to  be shown on the assets side of closing Balance Sheet Rs 2,75,000

Option 3: Prize Fund balance shown on the Liabilities side Rs 2,71,000

Option 4: Prize Fund Rs 2,71,000 balance shown on the Liabilities side of the Balance Sheet 

Question : How are the following items presented in the financial statement of a  Non  profit orginsation :

a. Tournament  Fund   - Rs 80,000

b. Tournament Expenses - Rs 14,000

Option 1: Debited Rs. 66.000 to Income and expenditure account 

Option 2: Debited Rs. 14,000 to Income and expenditure account 

Option 3:  Rs. 66,000 Tournament Fund shown on the liabilites.

Option 4: Tournament Fund Rs. 80,000 on the liabilites side.