Question

How would a not for profit organization deal with the following items
1 outstanding subscription
2 subscription received in advance
3 tournament fund

Answer 1

Explanation:

1.a-o/s in beg-

opening balance sheet cr. side

deducted from total amount of subscription in income & expenditure a/c

b-o/s at end-

closing balance sheet cr. side

add with total amount of subscription in income & expenditure a/c

2-subsription receive in advance in beg. & end

vice versa  as like o/s receive in beg. & end

3-tornament fund

libility side in balance sheet