Question

Illustration 5.
How are following items shown in the financial statements of Not-for-Profit Organisation?
(1) Tournament Fund 2,00,000; Tournament Expenses + 60,000; Receipts from Tournament
80,000.
(ii) Billiard Match Expenses * 25,000.
(iii) Receipts from Cinema Show Tickets * 50,000; Expenses on Cinema Show 15,000.
(iv) Prize Fund 1,00,000; Interest on Prize Fund Investments 10,000; Prizes awarded
20,000; Prize Fund Investments 80,000.
(v) Prize Fund 80,000; 10% Prize Fund Investments on 1st April, 2019 80,000; Donation
for Prize Fund 12,000; Prizes awarded 14,000; Interest received on 10% Prize Fund
Investments 4,000.
(vi) Expenditure on construction of Pavilion during the year was 6,00,000. The construction
work is in progress and not yet completed. Pavilion Fund as on 31st March, 2019
8,00,000. Donation for Pavilion received on 15th September, 2019 10,00,000; Capital
Fund as at 31st March, 2019 20,00,000.​

Answer 1

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