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Home Questions R28UU6XYEV
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounts for Non Profit Organsiation

Question:

Match the following-

 List 1 List 2
1) Entrance fees a) Asset side of balance sheet
2) Subscription in arrears b) Expenditure side of Income & expenditure account
3) Outstanding salary c) Liability side of Balance sheet
4) Sale of old furniture ₹6000 with book value ₹8000 d) Income side of Income & Expenditure account

 

Options:

1) a, 2) b, 3) c, 4) d

1) d, 2) c, 3) b, 4) a

1) d, 2) a, 3) c, 4) b

1) b, 2) a, 3) c, 4) d

Correct Answer:

1) d, 2) a, 3) c, 4) b

Explanation:

* Entrance fee is a revenue receipt and shown on the income side of income and expenditure account.

* Subscription in arrears is outstanding income and shown on asset side.

* Outstanding salary is a liability.

* Sale of old furniture ₹6000 with book value ₹8000- Loss on furniture is a loss and shown on the expense side of income and expenditure account.

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