alleryTournament expenses ₹50,000 against tournament receipts ₹70,000. I&E credit (net):
A₹70,000 gross receipts
B₹50,000 expense only
C₹20,000 net surplus
DZero (net only shown)
Answer & Solution
Correct answer: C. ₹20,000 net surplus
1. Special activities like tournaments are usually netted in I&E.
2. Net surplus = 70,000 − 50,000 = ₹20,000.
3. The net figure is credited to I&E.
_Source: ICAI BoS Foundation Paper 1, Ch 8 "NPO", §3.1 ¶5_
Keep practising Financial Statements of Not-for-Profit Organisations
Browse all Financial Statements of Not-for-Profit Organisations questions for CA Foundation, or explore more Accounting topics.
Related questions
Compared with a balance sheet, an income statement represents what?In a statement of activities, revenues and expenses are further categorised by what?Charitable organizations that publish financial statements produce which statement in placWhat fraction of members must decide for a society to be dissolved voluntarily under SectiWhere is a society's memorandum filed under the 1860 Act?Under the Societies Registration Act, 1860, what is the minimum number of people needed toAn accrued expense is a liability for goods or services that were?Accrued revenue refers to income that is?