What is the treatment of tournament fund in NPO
Answers
Answered by
0
Answer:
tournament fund is in capital nature so record in balance sheet.
complete tournament fund treatment
1. when u only tournament fund : balance sheet liabilities side
2. when tournament fund is more than tournament expenses. eg tournament fund 10,000 tournament exp 3,000
record in balance sheet 7,000 (10,000-3,000)
3. when tournament fund less than tournament exp: eg tournament fund 5,000 tournament exp 8,000
record in income and expenditure account under expenses side 3,000 ( 8,000-5,000)
Similar questions