Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?
Option 1: assets side of closing Balance Sheet
Option 2: assets side of opening Balance Sheet
Option 3: Liabilities side of closing Balance Sheet
Option 4: Liabilities side of opening Balance Sheet
Correct Answer: Liabilities side of closing Balance Sheet
Solution : Salaries debited to Income and Expenditure Account = Rs 5,000 (-) Salaries paid = (Rs 4,500) Amount to the closing Balance Sheet (Liabilities side)= Rs.500 Hence, the correct option is 3.
Question : Rent received Rs 3,500 and rent credited to Income and Expenditure Account is Rs 4,000, where would the difference be transferred?
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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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