Question : Prize Fund as on 31st March, 2017 = Rs 2,50,000
Donation for prizes received during the year 2017-2018 = Rs 1,20,000
10% prize fund investment as on 31st March, 2017 = Rs 2,00,000
Interest received on prize fund investment = Rs 16,000
Prizes awarded = Rs 1,15,000
Calculate the amount of prize fund after all adjustments as on 31st March 2018.
Option 1: Prize Fund balance to be shown on the Liabilities side of Balance Sheet Rs 2,75,000
Option 2: Prize Fund balance to be shown on the assets side of closing Balance Sheet Rs 2,75,000
Option 3: Prize Fund balance shown on the Liabilities side Rs 2,71,000
Option 4: Prize Fund Rs 2,71,000 balance shown on the Liabilities side of the Balance Sheet
Correct Answer: Prize Fund balance to be shown on the Liabilities side of Balance Sheet Rs 2,75,000
Solution : Prize Fund as on 31st March, 2017 = Rs 2,50,000 (+) Interest received on prize fund investment = Rs 20,000 (10% X Rs.2,00,000) (-) Prizes awarded = (Rs 1,15,000) (+) Donation for prizes received during the year = Rs 1,20,000 Amount of prize fund = Rs.2,75,000 Hence, the correct option is 1.
Question : Prize Fund Rs. 1,00,000; Interest on Prize Fund Investments Rs. 10,000; Prizes awarded Rs. 20,000; Prize Fund Investments Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?
Question : Tiger Club has a prize fund of Rs.8,00,000. It incurs expenses on prizes amounting to Rs.6,00,000. The expenses should be:
Question : Rent received Rs 3,500 and rent credited to Income and Expenditure Account is Rs 4,000, where would the difference be transferred?
Question : The following information has been extracted from the financial statements of a not-for-profit organisation for the year ended 31st March 2019.
Opening balance of Match Fund Rs 5,00,000
Sale of match tickets Rs 3,75,000
Donation for match fund received
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