Question

Income and expenses related to the prize fund is shown in-
(A) Income and Expenditure Account (B) Assets side of the Balance Sheet)
(C) Liabilities side of the Balance Sheet (D) Cash Account

Answer 1

Answer:

c: liabilities side of balance sheet

Explanation:

price fund is a specific fund and is needed to be shown in the liabilities side and the expenses to be deducted from it and income to be added

Answer 2

Income and expenses related to the prize fund is shown in- (A) Income and Expenditure Account

Explanation:

As we know that

Income and expenditure are recorded in the income and expenditure account. The income is the earnings that are earned by the company whereas the expenditure is the expenses that are incurred by the company.

The income is reflected on the credit side of the income and the expenditure account while the expenditure is shown on the credit side of the income and expenditure account.

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