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Treatment shown in liability side of closing balance sheet
Tournament fund. 500000
+ donation 120000
+sale of tickets. 150000
=. 770000
(-) tournament expenses 770000
balance. nil
remaining balance of ₹ 30000 shown in debit side of income and expenditure a/c
because expenses are more than amount available in fund
Income and expenditure a/ c
Dr
Expenditure ...
tournament expenses. 30000
Explanation:
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