Question : A club maintains Match Fund, then all the expenses related to Match will be:
Option 1: debited to income and expenditure account
Option 2: shown on the asset side of the Balance Sheet
Option 3: shown as a reduction from Match Fund on the side of the Balance Sheet
Option 4: none of these
Answer (1)
5th Jan, 2024
Correct Answer: shown as a reduction from Match Fund on the side of the Balance Sheet
Solution : Match Fund is a specific fund and all the expenses and income related to this fund will be subtracted and added from/to this on the liabilities side of the Balance Sheet. Hence the correct option is 3.
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