Question : When the tournament expenses incurred are more than the tournament fund, then the excess amount is :
Option 1: Credited to tournament fund
Option 2: Debit side of Income and Expenditure Account
Option 3: credit side of Income and Expenditure A/c
Option 4: Assets side of Balance sheet
Correct Answer: Debit side of Income and Expenditure Account
Solution : When the tournament expenses incurred are more than the tournament fund, then the excess amount is the Debit side of the Income and Expenditure Account. Hence, the correct option is 2.
Question : If there is a tournament Fund, then Match Expenses are transferred to
Question : Specific Donation received by NPO are shown in the:
Question : If there is a Match Fund then Match expenses and Income are transferred to
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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