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Get complete step-by-step solutions for V K Accountancy Class 12-2021-22 - NPO and Partnership-Solution - Chapter No 01 - Accounting for Not for Profit Organisation. Study double-entry system details, practice timed problems, and verify answers directly.
Chapter No 01 - Accounting for Not for Profit Organisation
Question No 1 Chapter No 01 - V K Publications Class 12
1. Show how would you deal with the following items of prize fund of Players' Club. March, 2018:
| Particulars | ₹ |
| Prize Fund | 2,70,000 |
| Prize Fund Investments | 2,70,000 |
| Income from Prize Fund Investments | 27,000 |
| Prizes awarded from sale of investments at par | 60,000 |
Players’ Club Balance Sheet as at 31st March 2018
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Prize Fund | 2,70,000 | Prize Fund Investment | 2,70,000 | ||
| Add. Income from Investment | 27,000 | Less: Investment sold at par | 60,000 | 2,10,000 | |
| 2,97,000 | |||||
| Less: Prizes awaited | 60,000 | 2,37,000 | |||
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