Question

1)The capital fund of a sports club on 01/04/19 was 6,50,000 during the year 19-20 the
club has received entrance fee of $40,000 and life membership fee of $80,000 10% of
entrance fees and 75% of life membership fee were capitalized. Capital fund as on
31/03/2020 was 8,50,000. Which of the following statement is true?
a)Surplus as per income and expenditure A/C is 2,00,000
b)Surplus as per income and expenditure A/C is 1,36,000
c)Surplus as per income and expenditure A/C is 3,14,000
d)Deficit as per income and expenditure A/C is 1,36,000
2) Endowment fund receint is treated as-​

Answer 1

Answer:

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