Question : Prize Fund has opening balance of Rs 10,000 which is deposited in a fixed deposit in the bank and earned interest of Rs 1,500. Further donation of Rs 5,000 was received during the year. Rs 20,000 was spent on the distribution of prizes. How much will be shown in the balance sheet?
Option 1: prize fund Rs 15,000
Option 2: prize Fund Rs 16,500
Option 3: prize fund Rs 3,500
Option 4: None of the above
Correct Answer: None of the above
Solution : Opening Prize Fund = Rs 10,000 (+) Earned interest = Rs 1,500 (+) Donation = Rs 5,000 (-) Spent on prizes = (Rs.20,000) Amount in Balance Sheet = Nil Hence, the correct option is 4.
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
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 : Prize Fund Rs. 2,00,000; Interest on Prize Fund Investments Rs. 20,000; Prizes awarded Rs. 40,000; Prize Fund Investments Rs. 1,00,000. How are the following items shown in the Income and Expenditure A/c of Not-for-Profit Organization?
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