Question

12. How will be the following items dealt while preparing the financial accounts of a club for the year ending 31st March, 2020?
Particulars
Prize Fund
10% Prize Fund Investment on 1st April, 2019
Donation for Prizes received during the year
Prizes Awarded during the year
Interest Received on 10% Prize Fund Investment
1,00,000
1,00,000
15,000
17,500
4,500​

Answer 1

Answer:

Explanation:IMG_20200813_122032.jpg

Answer 2

Answer:

                              Balance sheet as of 31st March, 2020

Liabilities                         Amt                            Assets                             Amt.

Prizze fund                  1,00,000                   Prize fund investment    1,00,000

Donations for prizes   15,000

Int. received                 4,500

Prize awarded            (17,500)

Total                           1,00,000                      Total                             1,00,000          

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