Question : How are the following items presented in the financial statement of a Non-profit organisation: Subscriptions due at the end?
Option 1: assets side of the Balance Sheet
Option 2: liabilities side of the Balance Sheet
Option 3: Both 1 and 2
Option 4: None of the above
Correct Answer: assets side of the Balance Sheet
Solution : Subscriptions due at the end will be represented on the asset side of the Balance Sheet. Hence, the correct option is 1.
Question : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?
Question : In a Company Balance Sheet, the credit (profit) balance of the Statement of Profit and Loss is shown under:
Question : Premium on the issue of shares should be shown :
Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?
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