Question : Show how will you deal with the following items in the final accounts of a club :Rs.
Sports Fund 15,000
Sports Fund Investments 30,000
Income from Sports Fund Investments 1500
Donations for Sports Fund 12,000
Sports Prizes awarded 7,000
Expenses on Sports events 4,000
Option 1: Liability side: Sports Fund Rs. 17,500; Assets side: Sports Fund Investments Rs. 30,000
Option 2: Liability side: Sports Fund Rs. 14,500; Assets side: Sports Fund Investments Rs. 30,000
Option 3: Liability side: Sports Fund Rs. 20,500; Assets side: Sports Fund Investments Rs. 30,000
Option 4: None of the above
Correct Answer: Liability side: Sports Fund Rs. 17,500; Assets side: Sports Fund Investments Rs. 30,000
Solution : An Extract Balance Sheet
Answer = Liability side: Sports Fund Rs. 17,500; Assets side: Sports Fund Investments Rs. 30,000 . Hence, the correct option is 1.
Sports Prizes awarded
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