NON – PROFIT ORGANISATIONS QUIZ – 1 ( CLASS 12 PSEB ACCOUNTANCY)

When the tournament expenses incurred are more than the tournament fund, then the excessive amount is–

Non-profit organisation prepare–

Second hand machinery worth ₹ 30,000 was purchased, it was repaired for ₹ 3,000 and installed by worker to whom ₹ 1,000 were paid as wages. The machinery should be capitalised for:

Life membership fees received–

Donations received for a specific purpose–

Interest received from Building Fund Investments should be–

Receipts and payments account generally shows:

Income and expenditure account shows a balance of:

The difference of the Receipts and Payment Account reveals–

Receipt of legacy should be treated as–

Subscription received in advance is–

Receipts and Payment Account shows–

At the beginning of an accounting year, a club has ₹ 19,000 assets; ₹ 5000 liabilities; ₹1,800 debit balance of income and expenditure account, the opening capital fund is:

Subscriptions in arrears at the end are shown

If a sports fund is created, then sports expenses are transferred to–