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)
| Expenditure | Amount | Income | Amt. |
| Match Expenses | 25,000 |
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.
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