Question

11. How the following items for the year ended 31st March, 2019 will be presented in the financial statements
of Aisko Club?
Particulars
Dr. (3)
1,50,000
Tournament Fund
Tournament Fund Investments
Income from Tournament Fund Investments
Tournament Expenses
1,50,000
18,000
12,000
Additional Information:
Interest Accrued on Tournament Fund Investments 76,000.
(CBSE 2019)​

Answer 1

The question is attached below please check from there.

Explanation:

We need to make certain adjustments to solve this question. we need to add all the income arise from fund and deduct the expenses related to that. I have made necessary adjustment and the solution is given below in the attachment.

Answer 2

The Balance sheet of Aisko club on year ending 31 March 2018 will be -

Liabilities -

Opening Balance = 1, 50, 000

+ Interest accrued

( 18,000 + 76,000) = 94, 000

- Tournament Expenses = 12, 000

Total = 2, 32, 000

Assets -

Tournament Fund Investments - 1, 50, 000

Interest accrues - 76,000

Total = 2, 26,000