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

Receipt of legacy should be treated as–

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

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:

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

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:

The difference of the Receipts and Payment Account reveals–

Receipts and payments account generally shows:

Income and expenditure account shows a balance of:

Non-profit organisation prepare–

Receipts and Payment Account shows–

Subscription received in advance is–

Donations received for a specific purpose–

Life membership fees received–

Interest received from Building Fund Investments should be–

Subscriptions in arrears at the end are shown