WorksheetsNPO Quiz
Total questions: 15
Worksheet time: 17mins
Scholarship granted to students out of specific funds provided by Government will be debited to
Income and Expenditure Account.
Receipts and payments Account.
Funds granted for Scholarship account.
Cash/Bank A/c
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
(a)
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?
(a)
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
PRIZE FUND BALANCE IS RS. 15,000. EXPENSES ON PRIZES INCURRED RS 18,000. IN THIS CASE:
Rs. 18,000 will be debited to Income & Expenditure A/c
Rs. 3,000 will be debited to Income & Expenditure A/c
Rs. 3,000 will be added to Prize fund of 15,000.
None of the Above
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 appearing in balance sheet on this a/c as on 31/3/23 WILL BE:
Rs. 10,000 on the liability side
Rs. 10,000 on the asset side
Rs. 45,000 on the liability side
Rs. 45,000 on the asset side
Interest on prize funds is
Credited to Income and Expenditure Account..
Credited to Receipts and Payments Account.
Added toCapital Fund.
Added to prize fund.
O/s SUBSCRIPTION AS ON 31/3/22 IS RS. 45,000. SUBSCRIPTION RECEIVED IN THE YEAR 22-23 IS RS. 3,32,000. Outstanding as on 31/3/22 still remains UNCOLLECTED BY Rs. 10,000 and subscription OF 22-23 STILL RECEIVABLE as on 31/3/23 is rs. 24,000. Amt TO BE appearing in balance sheet on this a/c as on 31/3/23 WILL BE:
Rs. 24,000 on the liability side
Rs. 34,000 on the asset side
Rs. 34,000 on the liability side
Rs. 24,000 on the asset side
THE AMOUNT OF CAPITAL FUND THAT WILL APPEAR ON THE BALANCE SHEET WILL BE:
Op. Bal + Surplus - Drawings - Deficit
Op. Bal + Surplus + Capitalised Income - Deficit
Op. Bal + Surplus + Capitalised Income - Drawings - Deficit
None of the Above
