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Question 6 Chapter 1 of +2-A
6. How are the following items shown in the accounts of a Not-for-Profit Organisation?
| Rs | |
|---|---|
| Tournament Fund | 50,000 |
| Tournament Expenses | 15,000 |
| Receipts from Tournament | 20,000 |
In the Books of __________________
| Receipts and Payment A/c |
||||
| Liabilities |
Amount | Assets |
Amount | |
|---|---|---|---|---|
| Tournament Fund | 50,000 | |||
| Add: -Receipts From Tournament | 20,000 | |||
| Less: - Tournament Expenses | 15,000 | 55,000 | ||
Note: - In this case, there is a specific fund maintained to meet the expenditure related to the Tournament So that’s why it will be directly posted in the balance sheet by deducting the amount of expenditure from the total amount of funds.
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Accounting & Commerce Educator
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