CameraIcon

SearchIcon

MyQuestionIcon

191

You visited us 191 times! Enjoying our articles? Unlock Full Access!

Preparing Financial Statements of NPO-I

Surplus of In...

Question

Surplus of Income and Expenditure Account is deducted from the capital/general fund.

A

True

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

False

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is B False
False. Surplus of Income and expenditure account is added to the capital/general fund. Surplus is arrived when there is excess of income over expenditure hence it is addition to the and fund and should be added to the capital fund.

Suggest Corrections

thumbs-up

0

Similar questions

Q. The surplus generated in the form of excess of income over expenditure is simply ________ in the capital fund.

Q. (I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompained by balance sheet.

Select the correct answer.

Q. Following details are available for Saturn social club. Opening balance of capital fund Rs. 4,67,600 Donation capitalized during the year Rs. 12,500 Surplus in Income & Expenditure A/c Rs. 18,750. Closing balance at capital fund must be ___________.

Q. Which of the following statement is correct and which is incorrect ?
(I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompanied by balance sheet.
(IV) Going concern assumption is not relevant for accounting of non-profit organization.
Select the correct answer from the options given below.

Q. Surplus revealed by income and expenditure account ___________________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Accounting Treatment - I

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Preparing Financial Statements of NPO-I

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon