Question

10. The following information has been extracted from the financial
statements of a not-for-profit-organization for the year ended 31st March,
2019.
Particulars
Amount (5)
Opening balance of Match Fund
5,00,000
Sale of Match tickets
3,75,000
Donation for Match Fund received during the year
1,24,000
Match expenses
10,00,000
Which of the following statements is correct for the presentation of the
above items in the financial statements of the not-for-profit-organization ?
(a) Negative Balance of Match fund * 1,000 will be shown on the
liabilities side of the Balance sheet as at 31st March, 2019.
(b) Opening Balance of Match Fund * 5,00,000 will be shown on the
liabilities side of Balance Sheet as at 1-4-2018.
(c) Negative balance of match fund, 1,000 will be shown on the
expenditure side of the Income and Expenditure Account for the year
ended 31-3-2019.
(d) Both (b) and (c).
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Answer 1

Answer:

this much big questions

Answer 2

Answer:

Explanation:

                      Balance  Sheet of a Not for profit organisation                          

      Liabilities                  Amount                     Assets                        Amount            

Match Fund                    500000

Add: receipts from sale   375000

of match Tickets    

Donation                             124000

Less Match expenses  999000

                            Income  and expenditure Account                                        

To Match expenses  

(Excess of expenses over matchfund)      1000

(1000000  -  999000)