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Question
The following information below is related to an NPO:
| Dr. | Receipts and Payments Ne [An Extract] | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Interest on Investments |
Nil | By 8% Investments [01-10-18] |
60,000 |
If the firm closes its accounts on 31st March every year, what amount of accrued interest on investments will be shown on the Balance Sheet of the firm on 31-03-19?
Options
₹ 2,400
₹ 4,800
₹ 6,000
None of these
MCQ
Solution
₹ 2,400
Explanation:
Accrued Interest = `(60000 xx 6 xx 8)/(100 xx 12)`
= ₹ 2,400
shaalaa.com
Accounting Records of "Not for Profit" Organisations
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