OBJECTIVE TYPE QUESTIONS

(A) State Whether the following statements are True or False

1. Receipt and Payment Account is a summary of all capital receipts and
payments.
2. If there appears a sports fund, the expenses incurred on sports activities will
be shown on the debit side of Income and Expenditure Account.
3. A credit balance of Income and Expenditure Account denotes excess of
expenditure over incomes.
4. Scholarships granted to students out of funds provided by government will be
debited to Income and Expenditure Account.
5. Receipts and Payment Account records the receipts and payments of revenue
nature ony.
6. Donations received for specific purposes are always capitalized.
7. Opening balance sheet is prepared when the opening balance of capital fund
is not given.
8. Surplus of Income and Expenditure Account is deducted from the capital
general fund.
9. Receipts and Payment Account is equivalent to profit and loss account,
10. Receipts and Payment Account does not make any difference between capital
and revenue receipts.
11. Not-for-Profit Organisations need not maintain proper accounts.
12. A public library is a non-profit seeking entity.
13. Receipts and Payments Account records only those items which relate to
current accounting period.
14. Not-for-Profit organisations do not maintain any Capital Account.
15, Non-Cash items are not shown in Income & Expenditure Account.
16, The surplus of Not-for-Profit organisation is distributed among the members.
17. Income and Expenditure Account is just like a Profit & Loss Account of a
business enterprise.
18. A non-profit organisation never undertakes trading activities.
19. Amount received as 'Legacy' is credited to Income and Expenditure Account.
20. Proceeds from the sale of old newspapers and periodicals is taken as other
income.
21. Receipts from the sale of old assets are treated as income.
22. All receipts of capital nature are shown on the liabilities side of the Balance
Sheet.
23. Receipts and Payments Account is a nominal account.
gINANCIAL STAIEMEIN IO Or NO-FOR-PROFIT ORGANISATIONS
1.105
24. Income is shown on the debit side of Income and Expenditure Account.
25, Income and Expenditure Account is a real account.
26, If there appears a match fund, expenses on account of matches will be
deducted from match fund.
27, Excess of income over expenditure is always added to Capital Fund.
28, Receipts and Payments Account highlights a summary of incomes and
expenditures.
29, Only revenue items are recorded in the Income and Expenditure Account.
30. Only expenditures and incomes for current year are recorded in Income and
Expenditure Account.
31. Legal fees paid to acquire a property is capital expenditure.
32. Expenses incurred on annual white-washing of building is revenue
expenditure.
(See Answers at the end of the book.)

(B) Fill inthe Blanks

1. Club, Charitable Hospitals and literary societies are examples of...
2. Receipts and Payments Accounts is a... of Cash Book.
3. Income and Expenditure Account is prepared on .. basis.
4. Receipts and Payments Account does not include. . .expenses.
5. The regular source of income of a club is. **°

6. Subscription is of . nature therefore it is shown in Income and

Expenditure Account.
7. The sale of old newspapers is of. nature.

8. General Donation is shown in .

9. Donation received for a specific purpose is shown in..
10. Life membership fee and Endowment Fund receipts are in the nature of
f o r a Not for Profit Organisation.
11. Not for Profit Organisation is a. Legal entity.
12. The total of Income side of Income and Expenditure Account is more than the
total of expenditure side by 750,000. This amount is called . .
13. Queen Sports Club received F1,60,000 as subscription for the year ending
31st March, 2019. There are 200 members each paying an annual subscription
of T1,000. Subscription of 15,000 was received in advance on 31st March,
2018. The amount of subscription outstanding for the current year is

14. Income and Expenditure Account of a cricket club shows 1,40,000 as the
amount of subscription for the year ended 31st March, 2019. Subscription
at the end was F15,000. Subscription received in advance
of year
Outstanding
 NOT-FOR-PROFIT
ORGANISATION
STATEMENTS OF
FINANCIAL
to be shown
6 {10,000. The amount of subscription
year w a s will be
at the end of the Payments Account
. .

and
side of Receipts from
on the receipts year is...
the beginning of current
outstanding at Income and Expenditure
15. Subscription the credít side of
subscription on
the amount of
Account. of subscription for the
shows the amount
Account
16. Income and Expenditure fact whether it is
received or not.
irrespective of the
started a dispensary
in rural
doctors and they
and Saanvi are from others. The
17. Ananya, Kavya
service to poor and charged fee
free
area. They provided
an example
of . . .

Organization is not BPL children charging

education to below
started providing
18. Arav and Vivaan
the school. It is
a...

nominal fee forrunning of Vasant Vihar

31st March, 2019 of Rotary Club
as at Medicines and Rents is
19. The Balance Sheet the creditors for
T3,88,600. If
shows total asset at of the Club för
the year was
and Surplus
80,000 and F8,600 respectively was
Fund ....***.***
40,000, the Opening Capital subscription of F500. On
each paying an annual
20. A club has 300 members, is F4,000 and Outstanding
Subscription
31st March, 2019 Advance will be credited by
Income and expenditure account
Subscription is 10,000. 2019.
as subscription
for the year ended 31st March,
. F250 as annual subscription.
It
members each paying
21. A Society has 400 the year. Subscription
received
towards subscription during
received90,000
In the Receipts and
advance at the beginning of the year w a s 15,000.
in
Received will be shown a s . . .
Payments Account Subscription
an annual subscription
of F1,000. The
22. A club has 500 members, each paying
account for the year ended
31st March, 2019 showed
receipt and payments is
Additional information provided
received as subscription.
75,30,000

2018 70,000
Subscription outstanding on 31st March, 60,000
on 31st March, 2019
Subscription received in Advance as 24,000
on 3 1st March, 2018
Subscription received in Advance as
31st March, 2019 will be
Outstanding Subscription as on
like proprietorship, partnership and joint
23. An NPO does not have .

stock company.
Expenditure Account indicates the
excess
24. A credit balance in the Income and
of...
the year
25. Lucknow Sports club received F2,60,000 as subscription during
2018-19. The club has 300 members each paying 71,000 p.a. During the year
The
2017-18, 10 members had paid their subscription for year 2018-19.
amount of subscription outstanding for the year 2018-19 will be .

26. Victoria Club has 120 members. Each pay T500 p.a. as subscription.
How many
Outstanding Subscription for the year 2018-19 was F15,000.
members have paid their subscription during the year 2018-19 ...
 TANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANISATIONS
FINA 1.107

)Matehing Questions
1. Match the following items in Not-for-Profit Organisation:
( I t is like a summary of cash| (a)| Income and Expenditure A/c
transactions.
(iIt is like a Profit and Loss A/c. 6Opening Balance Sheet
(Receipts and Payment A/c
2. Match the following items in NPO:

Receipts and Payments Account| (a) Cash basis

is
(i Receipts and Payments Account| (b)| Non-Cash items
record transactions of
(ii In Receipts
and Payments(cCapital and Revenue Nature
Account all transactions are
recorded on
( In Receipts and Payments (d) Real Account
Account, no adjustment are made
for

3. Match the following items in NPO:

Receipts and Payments Accounts (a) Profit organization
is a
(i) Receipts and Payments Account| (6) Summary of cash book
is prepared for a
(ii)| Income and Expenditure Account (c) Not for profit organization
1S prepared for a
4. Match the following items in NPO:
)Receipts and Payments Account| (a)On Accrual Basis
1s prepared
(ii) Income and Expenditure Account| (6)| Excess of Expenditure over
shows Surplus in case of Income

(ii) Income and Expenditure Account| (C) Excess of Income over

is prepared Expenditure
(d On Cash Basis

5. Match the following items in NPO:

(a) Assets Side
| o Service Motive
(i) Accrued Interest (6)Profit Earning Organisation
(ii) Subscription received in advance (cLiabilities Side
(d Non Profit Organisation
(iv)Profit Motive
 FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANISATION
1.108

6. Match the following items in NPO:

(a) Excess of Income Over
)Receipts and Payments Account
shows Expenditure
(i) Receipts and Payments Account (b) Cash in hand
does not show
(c)Excess of Expenditure Over
Income
(d)Cash at Bank

7. Match the following items in NPO:

How are not for profit (4) |Shareholders
organisations organised
(i) How are not for profit (b) |Societies
organisations managed
(c) Partners
(a)ExecutiveCommittee-
8.Match the following items in
NPO:
() Surrus is a)Excess of Expenditure Over

Hncome
(i) Deticit is bExcess of Liabilities overAssets
(iin Opening Capital Fund is (c)Excess of Income Over
Expenditure-
( Exeess of Assets-ever Liabilities
9.
Match the fottowing items in NPO-
Donation for Building (a)Dr. Side of Income and
Expenditure Ale-
(i) Arrears of subscription at the (b) Cr. Side of Income and
beginningofthe year Expenditure Ale-
(ii) Endowment Fund
(CAssets side of Opening Balance
Sheet
(iv Deficit of a Fund
(d)Liabilities side of Closing
Balanee Sheet-
 1.109
STATEMENTS OF NOT-FOR-PROFIT
ORGANISATIONS
FINANCIAL
items in NPO
10. Match the following and
Balance Sheet
(a)Opening
Legacy is shown in Balance Balance Sheet and
Sheet because it is Closing A/c
Income and Expenditure -

and Payment
(i) Entrance Fees is shown in (6) | Shown in Receipts
|A/c
Income
(iin) Opening and Closing
Cash (c) Capital Nature
Balance are shown in A/c
(a)Income and Expenditure

11. Match the following items in NPO:

to rent on Dr. side of|
O|Outstanding rent of current year ()Added r
Income & Expenditure Account

to rent on Cr. side of

(i) |Outstanding rent of previous year| (b) |Added
Income& Expenditure Account
(c)Deducted from rent of on Dr. side
(ti Prapaidrent of current year
Income& Expenditure Account
(d) Deducted from rent on Cr. side of
(iv) Prepaid rent of previous year
Income & Expenditure Account

Match the following items

(9|RevenueReceipis-fortheNPOsaLegacy
NPOs(6Purchase of books
#Capital Expenditure for the
(Donationreceived
inCapital Receipts forthe NPOs
(iv Revenue Expenditure
for the (d)| Purchase of Newspapers
NPOs-

Match the following items (a)as expense in Income and

will be shown in
(Rentreceived Expenditure Alc
received for (bCapital Receipts
( i ) Donations
Swimming. Poolis a
Donations received
will be shown (c) Capital Expenditure
(iin
in-
(dReceipts side of Receipts and|
Payments Account

14.
Matchthe following items Account
Income& Expenditure
(a
49SpecificDonation
(b) Balance Sheet
Li General Donation
(c) Trading Account
L(tt) Legacy
 FINANCIAL STATEMENTSo
110 --

items
15. Match the following Balance Sheet
of cash position of (a)
(O Informnation Organization is
Non Profit
provided by Account
status of (6)|Receipts & Payments
(i1) Information of financial is
Non Profit Organization
provided by
(c)Income & Expenditure Account
(d Subscription Account

following items in NPO

:
16. Match the
is credited as Income
Tournament Fund 780,000 and (a)T40,000
and 25,000 is debited as
Tournament Expenses F70,000
Expense.
credited Income
and (b)T50,000 is
as
Fund 780,000
(i) Tounament and 60,000 is debited as
Tournament Expenses T1,00,000
Expense.
Receipts 40,000 (c) T10,000 will be shown on
(iii) Tourmament Liabilities side of Balance Sheet
and Tournament Expenses
25,000
will be debited to
(iv) Tournament Receipts50,000 (20,000
and Tournament Expenses Income and Expenditure|
T60,000 Account.

17. Match the following items in NPO :

(a) Revenue receipts

( Sale ofsports materials
(i Sale of sports equipment (b Revenue expenditure
(iin) Sale of old newspapers ()Capitalreceipt
(dCapitalExpenditure

18. Match the following items in NPO:

Amount paid for the stationery is (a) Trading Account
shown in
(i) Creditor for stationery is shown (6 Receipt & Payment Account
in
(ii) Advance paid to supplier of| (e)| Balance Sheet
stationery is shown in
(iv Closing stock of stationery is|
shown in
NANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANISATIONS 1.111

19. Match the following items

How much amount will be shown (a)1,00,000
in income and expenditure
account if club has 500 members
each paying an annual
subscription of 100.
Outstanding subscription for
current year is F4,000.

(i) How muchamount will be shown (b54,000

in income and
expenditure
account if club has 500 members
each paying an annual|
subscription of 200.
Outstanding subscription for
current year is 74,000 and|
subscription received in advance
T1,000.
(c)50,000
()1,03,000

20. Match the following items

()|Salary paid by club is R1,50,000 (a)71,42,000
in current year, how much
amount will be shown in income|
& expenditure account if unpaid |
salary was T10,000 and salary
paid in advance for the current|
year was T2,000.

(i) | Salary paid by club is 1,50,000 (b)1,58,000

much
in current year, how
amount will be shown in income|
&expenditure account if unpaid
salary was 7,000 for Previous
year and salary paid in advance
for the current year was R2,000.
(c)1,55,000
()R1,41,000
 NOT-FOR-PROFIT
ORGANISA
IIONS
STATEMENTS OF
FINANCIAL
1.112
in NPO:
Match the followingitems
21. (a)T60,400
for sports material
()Amount paid
is F60,000; stock
during the year the
material at
of sports
3,900
beginning and ofyear
end
Creditors for sports
and 3,500.
materials atthe beginning and
and 5,000. How
end is R6,000 is shown on debit|
much amount
Income and Expenditure
side of
Account.
(6)T59,400
of sports material
(i) Purchase 760,000; stock|
during the yearis
of sports material at the
ebginning and end ofyear R3,900
and 3,500. Creditors for sports
materials at the beginning and
end is T6,000 and 5,000. How
much amount is shown on debit|
side of Income and Expenditure
Account.
)T59,600
(dT60,600

(D) Multiple Choice Questions

at the
Select the Best Alternate and tally your answer with the Answers given
end of the book:
1. Receipts and Payments Account generally shows:
(B) A Credit balance
(A) A Debit balance
(C) Capital Fund
(C) Surplus or Deficit
2. Income and Expenditure Acount records transactions of:
(A) Revenue nature only
(B) Capital nature only
(C) Both revenue and capital nature
(D) Income of only revenue nature and expenditure of revenue and capital
nature.

3. Income and Expenditure Acount reveals

(A) Surplus or Deficiency (B) Cash in Hand
(C) Net Profit (D) Capital Account
4. The amount of "Subscription received from members' by a Non-profit
organisation is shown in which of the following?
 STATEMENTS OF NOT-FOR-PROFIT ORGANISATIONS
FINANCIAL
1.113

(A) Debit side of lncome and Expenditure Account

(B) Credit side of Income and Expenditure Account
(C) Liability side of Balance Sheet
(D) Assets side of Balance Sheet
%. Donation received for a special purpose:
(A) Should be credited to Income and Expenditure Account
(B) Should be credited to separate account and shown in the Balance Sheet
C) Should be shown on the assets side
(D) Should not be recorded at all.
6, Subscription received by a school for organising annual function is treated as:
(A) Capital Receipt (i.e., Liability) (B) Revenue Receipt (i.e., Income)
(C) Asset (D) Earned Income
7. The amount of "Entrance Fees' received by a Non-profit organisation (if it is
received regularly) is shown in which of the following?
(A) Liability side of Balance Sheet
(B) Assets side of Balance Sheet
(C) Debit side of Income and Expenditure Account
(D) Credit side of Income and Expenditure Account
8. Out of following items, which one is shown in the Receipts and Payments
Account?
(A) Outstanding Salary (B) Depreciation
C) Life Membership Fees (D) Accrued Subscription
9. Not-for-profit organisations prepare
(A) Trading Account
(B) Trading & Profit and Loss Account
C) Income and Expenditure Account
D) All of the above
10. The Receipts and Payments Account is a summary of:
(A) Debit and Credit balance of Ledger Accounts
(B) Cash Receipts and Payments
(C) Expenses and Incomes
(D) Assets and Liabilities
11. Receipts and Payments Account is a:
(A) Personal Account (B) Real Account
C) Nominal Account (D) Real and Nominal Account, both
12. Income and Expenditure Account is a:
(A) Personal Account (B) Real Account
(C) Nominal Account D) Real and Nominal Account, both
13, Credit side balance in Income & Expenditure Account reveals
(A) Excess of cash receipts over
payments
(8) Excess of cash payments over receipts
 ORGANISATIONs
STATEMENTS OF NOT-FOR-PROFIT
FINANCIAL
1.114
over income
Excess of expenditure
(C) expenditure
of income over
Excess
(D)
is
income for a not-for-profit organisation
14. Source of (B) Donation
Members
(A) Subscription from
(C) Entrance Fees (D) All of the above

15. Which ofthe following represent

capital receipt
Subscription (B) Donation
(A) Life Membership Investments
(C) Subscription (D) Interest on
club should be treated as

16. Amount received

from sale of grass by a
(B) Revenue Receipt
(A) Capital Receipt (D) Earned Income
(C) Asset

sale of old sports

materials by a Non-profit
17. The amount received for
of the following?
organisation is shown in which
and Expenditure Account
(A) Debit side of Income
(B) Liabilityside of Balance Sheet
Account
(C) Credit side of Income and Expenditure
(D) Assets side of Balance Sheet
incomes are transferred
18. If there is a Match Fund', then match expenses and
to:
(A) Income and Expenditure A/c
(B) Assets side of Balance Sheet
(C) Liabilities side of Balance Sheet
Balance Sheet
D) Both Income and Expenditure A/c and to
19. Subscription received in advance during the current year is:
(A) an income (B) an asset
(C) a liability (D) none of these

20. Subscription received in cash during the year amounted to40,000;

subscription outstanding at the end of previous year was F1,500 and
outstanding at the end of current year was R2,000. Subscription received in
advance for next year was 800. The amount credited to Income &
Expenditure Account will be:
(A) F38,700 (B) 739,700
(C)T40,300 (D) F41,300
21. Subscription received in cash during the year amounted to 5,00,000,
subscription outstanding at the end of previous year was 20,000 and
outstanding at the end of current year was F25,000. Subscription received in

advance for next year was 8,000 and received in advance during previous
year was T7,000. The amount credited to Income & Expenditure Account will
be
(A) 75,04,000 (B) F5,06,000
(C)R4,96,000 (D) 4,94,000
FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANISATIONS 1.115
-

22. Subscription received in cash during the year amounted to 760,000;

subscription received in advance for next year was K3,000 and received in
advance during previous year was 2,000. Subscription in arrear at the end of
current year was5,400. The amount credited to Income & Expenditure
Account will be:
(A) 753,600 (B) 766,400
(C)R55,600 D) 764,400
23. Subscription received in cash during the year amounted to 3,00,000
subscription received in advance for next year was R10,000 and received in
advance during previous year was 8,000. Subscription in arrear at the end of
previous year was 18,000 and subscription in arrear at the end of current
year was12,000. The amount credited to Income & Expenditure Account
will be
(A) 2,96,000 (B) 73,04,000
(C) R2,92,000 (D) R3,08,000
24. What amount will be credited to the Income and Expenditure Account for the
ear ending 3 1st March, 2010 on the basis of the following information? :
31-3-2009 31-3-2010
Outstanding Subscription 10,000 25,000
Advance Subscription 3,000 2,000
Subscriptions received during the year 2009-10 were 4,00,000.
(A) 3,84,000 (B) R4,16,000
(C) F3,86,000 (D) R4,14,000
25. There are 200 members, each paying an annual subscription of 71,000;
subscription received during the year 1,95,000; subscriptions received in
advance at the beginning of the year 3,000 and at the end of the year 2,000.
Amount shown in Income & Expenditure Account will be:
(A) F2,00,000 (B) T1,96,000
C) 1,94,000 (D) R2,01,000
26. The opening balance of Prize Fund was 32,800. During the year, donations
received towards this fund amounted to T15,400; amount spent on prizes was
T12,300 and interest received on prize fund investment was F4,000. The
closing balance of Prize Fund will be:
(A) 56,500 (B) F64,500
C) R39,900 (D) 731,900
27. Salary paid in cash during the current year was 80,000; Outstanding salary
at the end was R4,000; Salary paid in advance last year pertaining to the
current year was 73,200; paid in advance during current year for next year
was 5,000. The amount debited to Income and Expenditure Account will be:
(A) R85,800 (B) R77,800
(C) F82,200 (D) 74,200
28. Salary paid in cash during the current year was R30,000; Outstanding salary
at the end of previous year was 2,000 and outstanding salary at the end of
 ORGANISATIÓNS

STATEMENTS OF NOT-FOR-PROFIT
-

FINANCIAL
current for next
year
1.116 in advance during
was {3,000. Salary paid and Expenditure Account
current year debited to Income
amount
year was
F2,600. The
will be: (B) 26,400
(A) 33,600 (D)28,400
(C) 731,600 {75,000. How
March, 2010 amounted to
ended 31st Account in the
29. Salary paid for the year Expenditure
be recorded in Income and
much amount will
following case? 31-3-2010
31-3-2009
6,000
Outstanding Salary
Prepaid Salary
6,500
1.200 6o
1,000

(B) 74,300
(A) 75,700 (D) F74,700
(C)75,300 Account in the
Income and Expenditure
will be shown in
U.
How much amount
following case? 31-3-2010
1-4-2009
6,000
8,000
Creditors for Stationery 3,200
3,000
Stock of Stationery
for Stationery was T60,000.
2009-10 payment made
During (B) T62,200
(A) R57,800
(D) 758,200
(C) F61,800 in the
and Expenditure Account
amount will be shown in Income
How much
following case?: 31-3-2009 31-3-2010
10,000 12,000
Unpaid for Medicines
8,000 13,000
Stock of Medicines

during 2009-10 was 2,50,000.

Payment made for medicines
(B) R2,47,000
(A) F2,53,000
(D) F2,43,000
(C)2,57,000
that donation is
I f a General Donation of huge amount is received by a school,
treated as
Revenue Receipt (Income) (B) Capital Receipt (Liability)
(A)
(C) Assets (D) Earned Income

S.Ifa general donation of smaller amount is received by a school, that donation

will be shown in:
(A) Liability Side
(B) Asset Side
(C) Debit side of Receipt and Payment A/Jc
(D) Credit side of Receipt and Payment A/c
O u t ofthe following items, which one is shown in the 'Receipts and Paymenis
Account of a not for profit organisation?
FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANISATIONS 1.117

(A) Accrued subscription (B) Outstanding salary

C) Depreciation (D) None of these
35. Out of the following items, which is not shown in the 'Receipts and Payments
A/c' of a not for profit organisation?
(A) Subscription received in advance
(B) Subscription due
(C) Last year subscription received
D) All of the above

36. Out of the following items, which is shown in the 'Receipts and Payments
Alc of a not for profit organisation?
(A) Subscription received in advance
(B) Last year subscription received
(C) Current year subscription received
(D) All of the above

37. There are 500 members, each paying an annual subscription of 71,000;
subscription received during the year 4,95,000; subscriptions received in
advance at the beginning of the year R10,000 and at the end of the year
R9,000. Amount shown in Income & Expenditure Account will be :
(A) 75,00,000 (B) F4,96,000
(C) F4,94,000 (D) 75,01,000
38. Out of the following items, which one is shown in the 'Receipts and Payments
Alc of a non-profit organisation?
(A) Outstanding Rent
(B) Accrued Subscription
(C) Excess of Income over Expenditure
D) None of These
39. Out of the following, which item is not recorded in Income and Expenditure
Account?
(A) Sale of Grass
(B) Locker's Rent
(C) Interest Received
Interest received Prize fund Investments
D) on

40. Which of the following is a not-for-profit organisation?

(A) Sports Clubs (B) Schools

(C) Hospitals (D) All of the above

will be shown on
41. Excess of match fund over match expenses
A/c
(A) Dr. side of Income & Expenditure
A/c
(B) Cr. side of Income & Expenditure
(C) Liability side of Balance Sheet
(D) Assets side of Balance Sheet
 NOT-FOR-PROFIT ORGANISATIONS
STATEMENTS OF
FINANCIAL
1.118 recorded on
for 2,000 will be
42. Sale of old newspapers

Expenditure A/c
Dr. Side of Income and
(A) Expenditure Alc
Cr. Side of Income and
(B) and Payments A/c
(C) Cr. Side of Receipts
(D) None of these
Account of a non-profit
preparing Receipts and Payments
43. Basis of
organisation is: (B) Accrual Basis
(A) Cash Basis
Basis (D) None of these
(C) Both Cash and Accrual
of match expenses
more than match fund, the excess

44. If match expenses are

transferred to:
over match fund is Balance Sheet
(A) Assets side of
Liabilitiesside of Balance Sheet
(B) Alc
(C) Debit side of Income & Expenditure
A/c
(D) Credit side of Income & Expenditure

2018-19 was5,00,000
and subscription
received during
45.Subscription Expenditure Account
was 5,10,000. Find out the
credited to Income &
as at 31lst March
2019 on the basis of the following
subscription outstanding 31-3-2018 31-3-2019

Subscription Received in Advance 7,000 8,000

20,000 ?
Subscription Outstanding
(B) F11,000
(A) T9,000
(C) 29,000 (D) F31,000

donations
46. Theopening balance of Prize Fund was 1,00,000. During he year,
on prizes was
received towards this fund amounted to F15,400: amovnt pent
investment was 74,000. The
F12,300 and interest received on prize fund
closing balance of Prize Fund will be:
(A) 1,23,700 (B) 1,OD,00D
(C)1,07,100 (D T9S000

[See Answers at the end of the book.]