Question : From the following information find out the actual amount of expenditure to be shown in the Assets side of the closing Balance Sheet:
Expenses paid during the year 1,40,000
Expenses outstanding at the end of the year 30,000
Expenses prepaid at the beginning of the year 24,000
Expenses prepaid at the end of the year 16,000
Expenses outstanding at the beginning of the year 18,000
Option 1: Expenses paid during the year 1,40,000
Option 2: Expenses outstanding at the end of the year 30,000
Option 3: Expenses prepaid at the beginning of the year 24,000
Option 4: Expenses prepaid at the end of the year 16,000
Correct Answer: Expenses prepaid at the end of the year 16,000
Solution : Expenses prepaid at the end of the year 16,000 are assets for the NPO for the current year. Hence, the correct option is 4.
Expenses prepaid at the
Question : From the following information, find out the actual amount of expenditure to be shown in Income and Expenditure A/c:
Expenses paid during the year 140,000
Expenses prepaid at the beginning of the year
Question : Expenses paid in advance are:
Question : Municipal Taxes paid during the year Rs 4,000. Municipal taxes amount to 4,000 per year and are paid upto 30th June every year. Calculate the amount of the subscription debited to the Income and Expenditure Account and also calculate the amount of subscription
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