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Answer 1

Answer:

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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