Question

Chapter 1 Financial Statements of Not-for-Profit Organisations
Fund Based Accounting
6. How are the following items shown in the accounts of a Not-for-Profit Organisation?
Tournament Fund
Toumament Expenses
Receipts from Tournament
(Ans.: Balance of Tournament Fund on the Liabilities side of Balance Sheet
7. How are the following dealt with in the accounts of a Not-for-Profit Organisation?
Case II
Dr.
Prize Fund
50,000 Match Fund
Prizes Awarded
12,000
Match Expenses
35,000
Match Expenses
15,000
Investments of Match Fund
60,000
Interest on Match Fund
Investments
Prizes Awarded
19,000
Hints: Case I. Prizes awarded 12,000 will be deducted from the Prize Fund. The balance of
appear on the Liabilities side of the Balance Sheet.​

Answer 1

Answer:

Prizes awarded 12,000 will be deducted from the Prize Fund. The balance of

appear on the Liabilities side of the Balance Sheet.