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 : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?

Option 1: assets side of closing Balance Sheet

Option 2: assets side of opening Balance Sheet

Option 3: Liabilities side of closing Balance Sheet

Option 4: Liabilities side of opening Balance Sheet

Question : Which of the following statements is correct?

Option 1: While preparing Common-size Balance Sheet, each item of Balance Sheet is expressed as % of Non-current Assets.

Option 2: While preparing Common-size Balance Sheet, each item of Balance Sheet is expressed as % of Current Assets.

Option 3: While preparing Common-size Balance Sheet, each item of Balance Sheet is expressed as % of Total Assets.

Option 4: While preparing Common-size Balance Sheet, each item of Balance Sheet is expressed as % of Non-current liabilities.