How are the following items shown in the accounts of a Not-for-Profit Organisation - 50-00015-00020-000 Tournament FundTournament ExpensesReceipts from Tournament

Balance Sheet Liabilities nbsp; Amount (Rs) Assets nbsp; Amount (Rs) ...

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Question

How are the following items shown in the accounts of a Not-for-Profit Organisation ?

₹

Tournament Fund 50,000

Tournament Expenses 15,000

Receipts from Tournament 20,000

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Solution

Balance Sheet

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Tournament Found

50,000

Add: Tournament Receipts

20,000

Less: Tournament Expenses

(15,000)

55,000

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Q. How would you treat the following items in the case of a 'not-for-profit' organisation?
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Following is the Receipt and Payment Account of Indian Sports Club for the year ended 31-3-2014 :

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	₹
Tournament Fund	50,000
Tournament Expenses	15,000
Receipts from Tournament	20,000

Balance Sheet
Liabilities		Amount (Rs)	Assets	Amount (Rs)
Tournament Found	50,000
Add: Tournament Receipts	20,000
Less: Tournament Expenses	(15,000)	55,000

How are the following items shown in the accounts of a Not-for-Profit Organisation ? ₹ Tournament Fund 50,000 Tournament Expenses 15,000 Receipts from Tournament 20,000

Balance Sheet Liabilities Amount (Rs) Assets Amount (Rs) Tournament Found 50,000 Add: Tournament Receipts 20,000 Less: Tournament Expenses (15,000) 55,000

How are the following items shown in the accounts of a Not-for-Profit Organisation ?

₹

Tournament Fund 50,000

Tournament Expenses 15,000

Receipts from Tournament 20,000

Balance Sheet

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Tournament Found

50,000

Add: Tournament Receipts

20,000

Less: Tournament Expenses

(15,000)

55,000