Question 27 Chapter 1 of +2- Part-

Question 27 Chapter 1 of +2-Part-1

27. (Treatment of Prize Fund) How the following information will appear in the Balance Sheet as on 31-3-2015:

Particulars Rs.
Prize Fund 1-4-1420,000
Prizes awarded 2014-1513,000
Donations for prizes received16,000

The solution of Question 27 Chapter 1 of +2 Part-1: – 

Interest to be credited to Income and Expenditure account
Particulars
Amount
Prize fund balance as on 1-4-14 20,000
Add: Donations for prizes received during 2014-15 16,000
  36,000
Less: Prizes awarded for 2014-15 (13,000)
Prize Fund balance to appear in Balance Sheet as on 31-3-2015 23,000

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 27 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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