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Question :

How would the following items be shown in the books of a not-for-organisation?
Match Fund = Rs.15.000
Prizes awarded = Rs.5,000
Match Income = Rs.10,000

Option 1:

Match fund will appear at Rs.20,000 in the Balance Sheet

Option 2:

Match fund will appear at Rs.25,000 in the Balance Sheet and prizes awarded will be debited to Income and Expenditure A/c

Option 3:

Match fund will appear in new Balance Sheet as Rs.15,000 and prize awarded and match income will be debited and credited respectively to Income and Expenditure A/c

Option 4: None of these