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?
Option 1: Balance to remain in the Liabilities side of the Balance Sheet 90,000
Option 2: Balance to remain in the Liabilities side of the Balance Sheet Rs 80,000
Option 3: Balance to remain in the assets side of the balance sheet Rs 90,000
Option 4: Balance to remain in the Liabilities side of the Balance sheet Rs 1,00,000
Correct Answer: Balance to remain in the Liabilities side of the Balance Sheet 90,000
Solution : An Extract of Balance Sheet (Closing)
The answer is: Balance to remain in the Liabilities side of the Balance Sheet 90,000. Hence, the correct option is 1.
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?
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 : Tournament Fund Rs. 2,00,000; Tournament Expenses Rs. 60,000; Receipts from Tournament Rs. 80,000. How are the following items shown in the financial statements of Not-for-Profit Organizations?
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