Question

Show the following items in the income and expenditure account and balance sheet of Prisha Ltd.

as on 31st march,2019:

I. Donation received for sports fund during 2018-19₹ 50,000.

II. 15% sports fund investment (Face value ₹ 40,000) as on 1st July 2018 ₹ 50,000.

III. Interest received on sports fund investment during 2018-19
₹ 3,500.

IV. Expenses on sports during the year ₹ 55,000​

Answer 1

Answer:

Balance Sheet

liabilities. amt. Assets. amt

Donations

for sport fund 50000. Sport fund

investment. 50000

(+) interest 3500

(+) accrued

interest. 1000. accrued

interest. 1000

total. 54500

(-) expenses. 54500

nil

As expenses are more than fund then remaining expenses of 500 shown in expenditure side

Income & expenditure account

expenditure. amt

soort expense 500