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?
Option 1: Rs.1,60,000
Option 2: Rs.1,00,000
Option 3: Nil
Option 4: Rs.2,00,000
Correct Answer: Nil
Solution : Nothing will be presented in the Income and Expenditure A/c as specific donations will be adjusted through specific funds in the Balance Sheet. Hence, the correct option is 3.
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 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 : From the following information given in respect of certain items of a Sports Club.
Sports fund as on 1st April 2020 Rs 1,50,000
Sports Fund Investment Rs 3,50,000
Interest on sports fund Investment Rs 40,000
Donation for
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