Question

How do u treat tournament expenses when there is tournament fund

Answer 1

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.

Answer 2

search tournament expenses cannot be shown in the income and expenditure accounts I'll be deducted from the tournament fund on the Libittities side off balance sheet















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