Question

how do you treat tournament expenses 1)when there is a tournament fund is maintained 2) when there is no tournament fund is maintained​

Answer 1

Explanation:

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.

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Answer 2

Answer:

when there are tournment expenses and fund then if the expense is more than the fund it will be debited to receipts and payments account or if fund is greater than expense it should be captalised and posted in balance sheet