How would a not-for-profit organization deal with the following items. (4X5)
(a) Outstanding Subscriptions,
(b) Donation,
(c) Tournament Fund,
(d) Legacy,
(e) Life Membership Fees
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a) Outstanding subscription-less from subscription in income n expenditure a/c income side n second posting will be in balance sheet asset side..
b) Donation-will b on income side of income n expenditure a/c..
c) Tournament fund-post in liability side of balance sheet..
d) legacy-should b added in capital fund at liability side of balance sheet..
e) life membership fees-should b added in capital fund at liability sidr of balance sheet..
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