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?
Option 1: Tournament fund Balance to remain in the Liabilities side of the Balance Sheet Rs.2,20,000
Option 2: Balance to remain in the Assets side of the Balance Sheet Rs.2,20,000
Option 3: Balance to remain in the Liabilities side of the Balance Sheet Rs.2,80,000
Option 4: Balance to remain in the income side of the income and expenditure account Rs.2,20,000
Correct Answer: Tournament fund Balance to remain in the Liabilities side of the Balance Sheet Rs.2,20,000
Solution : An Extract of Balance Sheet (Closing)
The answer is Tournament fund Balance to remain in the Liabilities side of the Balance Sheet 2,20,000. Hence, the correct option is 1.
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 : How are the following items presented in the financial statement of a Non profit orginsation :
a. Tournament Fund - Rs 80,000
b. Tournament Expenses - Rs 14,000
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