A not-for-profit organisation maintains its accounts on fund-based accounting system From the following information calculate the amount to be shown under the heading 'prize Fund'in the balance Sheet (Prize Fund)Rs100000 (interest received on Prize Fund Investment)Rs10000 (prizes awarded)Rs25000
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Answer:
Rs.85000Shown in Liability side of Balance sheet
Explanation:
prize fund Rs.100000
interest received
interest received prize fund Rs.10000
interest received prize fund Rs.10000prize awarded Rs.25000
Let,
In Balance sheet of liability side
prize fund + interest received on prize fund - prize awarded
100000+10000-25000
=85000
Rs. 85000 shown in Liability side of Balance sheet
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