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
Answer (1)
13th Jan, 2024
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.
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