NPO 3

Sale of old newspaper is

• Capital receipt

• Revenue receipt

• Asset

• Profit

Receipt and payment account usually indicates

• Surplus

• Capital fund

• Debit balance

• Credit balance

In not-for-profit organisation excess of expenditure over income is called

• Loss

• Profit

• Deficit

• Surplus

Specific legacy should be treated as

• Liability

• Revenue receipt

• Income

• None of these

Subscription received during the year Rs. 50,000; subscription outstanding at the end of the year Rs. 8,000; subscription outstanding at the beginning of the year is Rs. 6,000. Net income from the subscription will be

• Rs. 48,000

• Rs. 64,000

• Rs. 52,000

• Rs. 36,000

Which of the following is not a income for not-for-profit organisation

• Subscription

• Donation

• Sale of match ticket

• Endowment fund

Life membership fee received by a club is

• Revenue receipt

• Capital receipt

• A and B both

• None of these

Subscription received in cash during the year is Rs. 5,000; amount received in advance for the next year is Rs. 300. Amount outstanding for the current year was Rs. 400. The amount to be credited in income and expenditure is

• Rs. 4,000

• Rs. 5,100

• Rs. 4,200

• Rs. 4,600

Which of the following is not a not for profit organisation

• School

• Hospital

• Club

• Partnership firm

Payment of honorarium to secretary is treated as

• Capital expenditure

• Revenue expenditure

• Asset

• None of these