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

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 :

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 :

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