Which of the following financial statement is not prepared by non- profit organization?
(a) Profit and loss account
(b) Income and expenditure account
(c) The receipts and payments account
(d) Balance sheet
Choose NPO from the following example
(a) Private School
(b) Private Hospital
(c) Grocery Shop
(d) Government School
Delhi Sports club has Income of Rs.25,000 and ‘Deficit’ recorded in Income & Expenditure A/c is Rs. 6,000 for the year 2021- 22, then expenditure for the year 2021-22 is:
(a) Rs. 25,000
(b) Rs.19,000
(c) Rs. 31,000
(d) None of these
At the end Receipts and Payments Account generally shows:(a) Surplus
(b) Credit balance
(c) Deficit
(d) Debit balance
Which of the following statements is not true for Receipts and Payments Account?
(a) It is a summary of the Cash Book
(b) It does not record outstanding expenses.
(c) It records transactions related to current, preceding, or succeeding accounting periods
(d) It records only receipts and payments of revenue nature.
A club has reported Expenditure of Rs.26,500 and ‘Deficit’ of Rs. 6,900, then Income of club will be:
(a) Rs. 33,400
(b) Rs. 26,500
(c) Rs. 19, 600
(d) None of these
At the beginning of an accounting year, a club has Rs. 19,000 assets; Rs. 5,000 liabilities; Rs. 1,800 debit balance of the Income and Expenditure A/c. The opening capital fund is Rs.
(a) 15,000
(b) 18,000
(c) 24,800
(d) 15,800
Match fund appears in the books at Rs. 50,000. The match expenses amounted to Rs. 15,000. Balance Rs. 35,000 will appear
(a) Assets side of Balance Sheet
(b) Liability Side of Balance Sheet
(c) Income side of Income & Expenditure Account
(d) Expenditure side of Income & Expenditure Account
Sports Star Charitable club has income of Rs.16,000 and ‘deficit’ debited to capital fund of Rs. 4,300 for the year 2019- 20, then expenditure for the year 2019-20 is:
(a) Rs. 11,700
(b) Rs. 4,300
(c) Rs. 20,300
(d) None of these
Sale of old newspaper for Rs. 2,000 will be recorded in:
(a) Expenditure Side of Income and Expenditure A/c
(b) Liability Side of Balance Sheet
(c) Income Side of Income and Expenditure A/c
(d) Not recorded anywhere
Sale of old newspapers by a club is:
(a) Capital Receipt
(b) Asset
(c) Profit
(d) Revenue Receipt
The amount received from sale of old used sports materials by a Non-profit organisation is shown –
(a) Income side of Income and Expenditure Account
(b) Liability side of Balance Sheet
(c) Expenditure side of Income and Expenditure Account
(d) Assets side of Balance Sheet
If expenses on match are more than match fund, the excess of match expenses over match fund is transferred to:
(a) Income side of Income and Expenditure A/c
(b) Assets side of Balance Sheet
(c) Liabilities side of Balance Sheet
(d) Expenditure side of Income and Expenditure A/c
Subscription received by a school for celebrating annual event, function and festival is treated as:
(a) Revenue Receipt
(b) Asset
(c) Income
(d) Capital Receipt
Life Membership Fee received by NPO is recorded as
(a) Miscellaneous Income
(b) Revenue Receipt
(c) Capital Receipt
(d) as Asset
On 1st April 2021, Rosary Club had a Prize Fund of Rs3,00,000. It incurred expenses on prizes during the year 2021 amounting to Rs.3,45,000. Prize Fund shown in the Balance Sheet as on 31st March 2022 will be:
(a) Rs.3,00,000
(b) Rs. 45,000
(c) Zero or Nil
(d) Rs. (45,000)
Which of the following is not a capital Receipt?
(a) Donations for Building Fund
(b) Life Membership Fee
(c) Entrance Fees
(d) Donations for Tournament
Salary paid during the current year was Rs.50,000; Outstanding salary at the end of the previous year was Rs.5,800 and outstanding salary at the end of the current year was Rs.11,000. Salary paid in advance at the beginning of year was Rs. 5,000 Salary paid in advance during the current year for next year was Rs.4,200. The amount debited to the Income and Expenditure Account will be:
(a) Rs.44,000
(b) Rs.60,200
(c) Rs.54,400
(d) Rs.56,000
Which of the following item is not recorded in Income and Expenditure Account?
(a) Sale of Old New-Paper
(b) Interest Received on Debenture
(c) Interest received on Prize fund Investments
(d) Locker’s Rent
The opening balance of the Prize Fund was Rs.1,00,000. During the year, donations received towards this fund amounted to Rs.15,000; the amount spent on prizes was Rs.11,000, and interest received on prize fund investment was Rs.6,000. The closing balance of Prize Fund will be:
(a) Rs.1,09,000
(b) Rs.1,32,000
(c) Rs.1,21,000
(d) Rs.1,10,000
Delhi Sports club has Income of Rs.56,000 and ‘Surplus’ recorded in Income & Expenditure A/c is Rs. 16,000 for the year 2021- 22, then expenditure for the year 2021-22 is:
(a) Rs. 25,000
(b) Rs.16,000
(c) Rs. 40,000
(d) None of these
A club has reported Expenditure of Rs.46,800 and ‘Deficit’ of Rs. 6,900, then Income of club will be:
(a) Rs. 46,800
(b) Rs.39,900
(c) Rs. 53,700
(d) None of these
