How are the following items presented in financial statements of a Not - for - profit organisation --
(A) Tournament Fund - □ 80,000
(B) Tournament expenses-□ 14,000
Answers
Answer:
tournament fund is presented in balance sheet
tournament expenses are deducted from the tournament fund in the balance sheet and then shown in the balance sheet
Explanation:
tournament fund is a specific fund and hence presented in balance sheet of not for profit organization
The tournament fund is known to be represented in the balance sheet while the tournament expenses are reduced from the tournament fund.
Explanation:
- Tournament fund is mostly used in accounting which is maintained by the Not-for-profit organization for expenses for the meetings and tournament related income.
- Additionally it is also described to be of nature and capital thus shown in the liability side.
- Tournament expenses are said to be mostly not shown in expenditure and income for the organisation.
- Additionally it is highly recommended in the approach of participation in international tournaments.
Liability Amount Asset
Tournament fund 80,000
Less: Tournament expenses 14,000
66,000
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