How do u treat tournament expenses when a separate tournament fund is maintained
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Hey mate here's your answer
FUND BASED ACCOUNTING is an exception to the general rule that all items of revenue or income and expenses are transferres to Income and Expenditure Acccount
Such Tournament expenses shall not be shown in the Income and Expenditure Account but shall be deducted from Tournament Fund on the liabilities side of the Balance Sheet.
Hope this may help you.......
FUND BASED ACCOUNTING is an exception to the general rule that all items of revenue or income and expenses are transferres to Income and Expenditure Acccount
Such Tournament expenses shall not be shown in the Income and Expenditure Account but shall be deducted from Tournament Fund on the liabilities side of the Balance Sheet.
Hope this may help you.......
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