Question : Billiard Match Expenses Rs. 25,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?
Option 1: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the Debit side of the Income and Expenditure Account.
Option 2: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the credit side of the Income and Expenditure Account.
Option 3: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the Debit side of the profit and loss account.
Option 4: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the credit side of the profit and loss account.
Correct Answer: There is No Specific Fund: Hence Rs 25,000 incurred as Billiard Match Expenses would be shown in the Debit side of the Income and Expenditure Account.
Solution : An Extract of Income and Expenditure (A/C)
The answer is: There is No Specific Fund. Hence, Rs 25,000 incurred as Billiard Match Expenses would be shown in the Debit side of the Income and Expenditure Account. Hence, the correct option is 1.
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
Question : A club maintains Match Fund, then all the expenses related to Match will be:
Question : When the tournament expenses incurred are more than the tournament fund, then the excess amount is :
Question : The following information has been extracted from the financial statements of a not-for-profit organisation for the year ended 31st March 2019.
Opening balance of Match Fund Rs 5,00,000
Sale of match tickets Rs 3,75,000
Donation for match fund received
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