Question : How are the following items presented in the financial statement of a Non profit orginsation :
a. Tournament Fund - Rs 80,000
b. Tournament Expenses - Rs 14,000
Option 1: Debited Rs. 66.000 to Income and expenditure account
Option 2: Debited Rs. 14,000 to Income and expenditure account
Option 3: Rs. 66,000 Tournament Fund shown on the liabilites.
Option 4: Tournament Fund Rs. 80,000 on the liabilites side.
Answer (1)
22nd Jan, 2024
Correct Answer: Rs. 66,000 Tournament Fund shown on the liabilites.
Solution : Tournament Fund - Tournament Expenses = Rs. 80,000 - Rs. 14,000 = Rs.66,000 Tournament Fund shown on the liabilites.
Hence, the correct option is 3.
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