Donation received by 'Shekhawati Sports Club' for conducting a tournament should be shown in _____________.

Income and Expenditure Account

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Trading and Profit and Loss Account

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Balance Sheet

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None of the above

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Solution

The correct option is A Balance Sheet
Donation received for a specific activity need not to be accounted as income. It has to be shown in the balance sheet against which the expenses of the specific activity accounted for.

Donation received for conducting a tournament should be shown in the Balance Sheet.

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Similar questions

A sports club received Rs 20,000 as a donation of which Rs 5,000 is given specifically for conducting a tournament. How much amount is shown as an income in income and expenditure account?

A non-profit organisation received Rs 60,000 as a donation from new member. Out of this, 20% of the donation should be used for constructing a building. What is the amount of donation that needs to be shown in the income and expenditure account?

How will you deal with the following items while preparing for the Bombay Women Cricket Club its income and expenditure account for the year ending 31.3.2007 and its Balance Sheet as on 31.3.2007:

		Rs
(a)	Donation received during the year for the construction of a permanent Pavilion	12,25,000
	Expenditure incurred up to 31.3.2007 on its construction	10,80,000
	The total estimated expenditure on construction of Pavilion being	25,00,000

(b)	Tournament Fund:
	Balance as on 1.4.2006	10,700
	Subscriptions for tournament received during the year	65,800
	Expenditure incurred during the year on conducting tournaments	72,400

(c)	Life Membership fee received during the year	28,000

Give reasons for your answers

How will you deal with the following items while preparing for the Bombay Women Cricket Club, its income and Expenditure account for the year ending 31.03.2008 and its balance sheet as on 31.03.2008

$\begin{matrix} Head of Accounts & (Rs) (a) Donation received during the year of the construction of Permanent Pavillion & 12, 25, 000 Expenditure incurred up to 31.03.2007 on its construction & 10, 80, 000 Total estimated expenditure on construction of Pavillion Being~ & 25, 00, 000 (b) Tournament Fund : Balance as on 01.04.2006 & 10, 700 Subscriptions for tournament received during the year & 65, 800 Expenditure incurred on conduction tournaments during the year & 72, 400 (c) Life membership fee received during the year & 28, 000 \end{matrix}$

How will you deal with the following items while preparing for the Bombay Women Cricket Club its income and expenditure account for the year ending 31.3.2007 and its Balance Sheet as on 31.3.2007:

		Rs
(a)	Donation received during the year for the construction of a permanent Pavilion	12,25,000
	Expenditure incurred up to 31.3.2007 on its construction	10,80,000
	The total estimated expenditure on construction of Pavilion being	25,00,000

(b)	Tournament Fund:
	Balance as on 1.4.2006	10,700
	Subscriptions for tournament received during the year	65,800
	Expenditure incurred during the year on conducting tournaments	72,400

(c)	Life Membership fee received during the year	28,000

Give reasons for your answers

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