1. Scholarship granted to students out of specific funds provided by Government will be debited to

• 1. Income and Expenditure Account.

• 1. Receipts and payments Account.

• 1. Funds granted for Scholarship account.

• Cash/Bank A/c

1. In case of NPO, excess of total assets over liabilities is known as

• Profits

• Surplus

• Capital Fund

• Accumulated Fund

Debit balance in Receipts & Payment A/c represents Deficit. True or False

SUBSCRIPTION OF 21-22 RECEIVED IN 22-23 WILL BE

• Debited to Receipts & Payments A/c in 21-22

• Credited to Receipts & Payments A/c in 21-22

• Debited to Receipts & Payments A/c in 22-23

• Credited to Receipts & Payments A/c in 22-23

SUBSCRIPTION RECEIVED IN 22-23:

OF 21-22: RS. 40,000

OF 22-23: RS. 3,10,000

OF 23-24: RS. 15,000

IN RECEIPTS AND PAYMENTS A/C OF 22-23:

• 3,65,000

• 3,50,000

• 3,10,000

• 3,25,000

SUBSCRIPTION OF 22-23 RECEIVED IN 21-22 WILL BE

• Debited to Income & Expenditure A/c in 21-22

• Credited to Income & Expenditure A/c in 21-22

• Debited to Income & Expenditure A/c in 22-23

• Credited to Income & Expenditure A/c in 22-23

SUBSCRIPTION OF 22-23 RECEIVED IN 21-22. IN BALANCE SHEET THIS WILL BE SHOWN AS

• ASSET IN 21-22

• LIABILITY IN 21-22

• ASSET IN 22-23

• LIABILITY IN 22-23

Surplus of non-profit organizations is distributed among its members. True or False?

Opening balance appearing on the Cr side of Receipts & payments a/c of 22-23:

• Will appear on the Asset side of Balance Sheet of 21-22

• Will appear on the Asset side of Balance Sheet of 22-23

• Will appear on the Liability side of Balance Sheet of 21-22

• Will appear on the Liability side of Balance Sheet of 22-23

OUTSTANDING SUBSCRIPTION AS ON 31/3/22 IS RS. 45,000. SUBSCRIPTION RECEIVED IN THE YEAR 22-23 IS RS. 3,32,000 WHICH INCLUDES 10,000 BELONGING TO 23-24. AMOUNT TO BE TRANSFERRED TO INCOME & EXPENDITURE A/C FOR 22-23 WILL BE: 

• 3,32,000

• 2,87,000

• 2,97,000

• 2,77,000