CBSE Class 12 Accountancy Accounting for Not for Profit Organisation Online Test

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Question 1

Question

If Life Membership fees of <5000 wrongly treated as revenue receipt then effect of this error on surplus and closing balance of capital fund will be

	Answer
	No effect on capital fund but surplus increased by<5000
	Capita fund decreased and surplus increased by<5000
	Capital fund increased and surplus increased by<5000
	Capital fund decreased by <5000 but no effect on surplus.