How would you treat the following items in the case of a non-for-profit organisation.
Rs.
Tournament fund 50,000
Tournament Expense 12,000
Receipts from Tournament 20,00
Answers
Answered by
0
Receipts amount is 19000
Leftover is 40000
Leftover is 40000
Answered by
6
In the liability side of Balance sheet :
Tournament fund = 50,000
(less) Tournament expenses = (12,000)
(add) Tournament receipts = 2,000
= 50,000-12,000+2,000
= 40,000 will be shown in liability side of Balance sheet.
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