Question

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​

Answer 1

Answer:

This is the correct answer.

Explanation:

Both the items will be presented on the liability side of the balance sheet. Tournament expenses should be deducted from tournament fund.

Liabilities. Amt. Amt.

Tournament Fund. 80000

(-) Tournament exp. 14000. 66000

OR.

Transfer the amount of Tournament exp to Income and Expenditure A/c. and transfer the amount of Tournament fund to Liability side of balance sheet.

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Answer 2

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