Question : Rent received Rs 3,500 and rent credited to Income and Expenditure Account is Rs 4,000, where would the difference be transferred?
Option 1: outstanding Rent Rs 500 shown on the liabilities side of balance sheet
Option 2: outstanding Rent Rs 500 shown on the assets side of balance sheet
Option 3: Rs 500 Rent received in advance shown on the liabilities side of balance sheet
Option 4: Rs 500 paid in advance shown on the assets side of balane sheet
Correct Answer: outstanding Rent Rs 500 shown on the assets side of balance sheet
Solution : Rent credited to Income and Expenditure Account = Rs 4,000 (-) Rent received = (Rs 3,500) Closing balance in Balance Sheet = Rs.500 Hence, the correct option is 2.
Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?
Question : Prize Fund as on 31st March, 2017 = Rs 2,50,000
Donation for prizes received during the year 2017-2018 = Rs 1,20,000
10% prize fund investment as on 31st March, 2017 = Rs 2,00,000
Interest received on prize fund investment = Rs
Question : Specific Donation received by NPO are shown in the:
Question : Tournament Fund Rs. 2,00,000; Tournament Expenses Rs. 60,000; Receipts from Tournament Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?
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