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The sequence to develop the Balance Sheet in NPO includes the following steps:
A. Taking all fixed assets with additions and depreciation and show them on the asset side
B. Compare the items of payment of Receipts and Payment A/c with expense of Income and Expenditure A/c to find outstanding and prepaid expenses
C. Taking the capital/General Fund from opening balance sheet
D. Compare items of receipt of Receipts and Payment A/c with Income of Income and Expenditure A/c to find outstanding and Advances etc.
Choose the correct answer from the options given below:
  • a)
    C, A, B, D
  • b)
    C, A, D, B
  • c)
    C, B, A, D
  • d)
    D, A, C, B
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
The sequence to develop the Balance Sheet in NPO includes the followin...
The correct answer is B:
A. Taking the capital/General Fund from opening balance sheet (C):
  • The first step in developing a balance sheet for an NPO is to take the capital or general fund from the opening balance sheet. This will provide the starting point for the organization's financial position.
B. Taking all fixed assets with additions and depreciation and show them on the asset side (A):
  • Next, account for all fixed assets, including any additions made during the year and any depreciation that has occurred. These will be shown on the asset side of the balance sheet, as they represent resources owned by the organization.
C. Compare items of receipt of Receipts and Payment A/c with Income of Income and Expenditure A/c to find outstanding and Advances etc. (D):
  • In this step, compare the items of receipt in the Receipts and Payments account with the income recorded in the Income and Expenditure account. This will help identify any outstanding income or advances, which can then be recorded on the balance sheet.

D. Compare the items of payment of Receipts and Payment A/c with expense of Income and Expenditure A/c to find outstanding and prepaid expenses (B):
  • Lastly, compare the items of payment in the Receipts and Payments account with the expenses recorded in the Income and Expenditure account to identify any outstanding or prepaid expenses. These will be recorded on the liabilities side of the balance sheet, as they represent obligations the organization has yet to fulfill.

By following these steps in the correct sequence, you can accurately develop a Balance Sheet for a Non-Profit Organization.
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The sequence to develop the Balance Sheet in NPO includes the following steps:A. Taking all fixed assets with additions and depreciation and show them on the asset sideB. Compare the items of payment of Receipts and Payment A/c with expense of Income and Expenditure A/c to find outstanding and prepaid expensesC. Taking the capital/General Fund from opening balance sheetD. Compare items of receipt of Receipts and Payment A/c with Income of Income and Expenditure A/c to find outstanding and Advances etc.Choose the correct answer from the options given below:a)C, A, B, Db)C, A, D, Bc)C, B, A, Dd)D, A, C, BCorrect answer is option 'B'. Can you explain this answer?
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The sequence to develop the Balance Sheet in NPO includes the following steps:A. Taking all fixed assets with additions and depreciation and show them on the asset sideB. Compare the items of payment of Receipts and Payment A/c with expense of Income and Expenditure A/c to find outstanding and prepaid expensesC. Taking the capital/General Fund from opening balance sheetD. Compare items of receipt of Receipts and Payment A/c with Income of Income and Expenditure A/c to find outstanding and Advances etc.Choose the correct answer from the options given below:a)C, A, B, Db)C, A, D, Bc)C, B, A, Dd)D, A, C, BCorrect answer is option 'B'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about The sequence to develop the Balance Sheet in NPO includes the following steps:A. Taking all fixed assets with additions and depreciation and show them on the asset sideB. Compare the items of payment of Receipts and Payment A/c with expense of Income and Expenditure A/c to find outstanding and prepaid expensesC. Taking the capital/General Fund from opening balance sheetD. Compare items of receipt of Receipts and Payment A/c with Income of Income and Expenditure A/c to find outstanding and Advances etc.Choose the correct answer from the options given below:a)C, A, B, Db)C, A, D, Bc)C, B, A, Dd)D, A, C, BCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The sequence to develop the Balance Sheet in NPO includes the following steps:A. Taking all fixed assets with additions and depreciation and show them on the asset sideB. Compare the items of payment of Receipts and Payment A/c with expense of Income and Expenditure A/c to find outstanding and prepaid expensesC. Taking the capital/General Fund from opening balance sheetD. Compare items of receipt of Receipts and Payment A/c with Income of Income and Expenditure A/c to find outstanding and Advances etc.Choose the correct answer from the options given below:a)C, A, B, Db)C, A, D, Bc)C, B, A, Dd)D, A, C, BCorrect answer is option 'B'. Can you explain this answer?.
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