If there is a prize fund and prizes are awarded, expenses and income are transferred to ___________.

Income and Expenditure Account

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Assets side of the Balance Sheet

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The Liabilities side of the Balance Sheet

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Trading Account

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Solution

The correct option is C The Liabilities side of the Balance Sheet
Prize fund is a specific fund which need to be shown as liability. Any expenses pertains to the prize awarded, need to be transferred to liabilities side of the balance sheet by deducting the amount from fund account.

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Similar questions

Following is the information in respect of certain items of a Sports Club. You are required to show them in the Income and Expenditure Account and the Balance Sheet.

Details	Amount Rs
Sports Fund as on April 1, 2005	80,000
Sports Fund Investments	80,000
Interest on Sports Fund Investments	8,000
Donations for Sports Fund	30,000
Sports Prizes awarded	16,000
Expenses on Sports Events	7,000
General Fund	2,00,000
General Fund Investments	2,00,000
Interest on General Fund Investments	20,000

Following is the information in respect of certain items of a Sports Club. You are required to show them in the Income and Expenditure Account and the Balance Sheet.

Details	Amount Rs
Sports Fund as on April 1, 2005	80,000
Sports Fund Investments	80,000
Interest on Sports Fund Investments	8,000
Donations for Sports Fund	30,000
Sports Prizes awarded	16,000
Expenses on Sports Events	7,000
General Fund	2,00,000
General Fund Investments	2,00,000
Interest on General Fund Investments	20,000

Following is the information given in respect of certain items of a Sports Club. Show these items in the Income and Expenditure Account and the Balance Sheet of the Club:

Particulars	Rs
Sports Fund as on 1.4.2005	35,000
Sports Fund Investments	35,000
Interest on Sports Fund	4,000
Donations for Sports Fund	15,000
Sports Prizes awarded	10,000
Expenses on Sports Events	4,000
General Fund	80,000
General Fund Investments	80,000
Interest on General Fund Investments	8,000

Q. At the beginning of accounting year the following particulars are extracted value of Assets Rs. 25,000, Liabilities Rs. 5,000, Debit balance of income and expenditure account Rs. 2,500. Then capital fund will be ____________.

Following is the information in respect of certain items of a Sports Club. You are required to show them in the Income and Expenditure Account and the Balance Sheet.

Details	Amount Rs
Sports Fund as on April 1, 2016	80,000
Sports Fund Investments	80,000
Interest on Sports Fund Investments	8,000
Donations for Sports Fund	30,000
Sports Prizes awarded	16,000
Expenses on Sports Events	7,000
General Fund	2,00,000
General Fund Investments	2,00,000
Interest on General Fund Investments	20,000

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If there is a prize fund and prizes are awarded, expenses and income are transferred to ___________.

The correct option is C The Liabilities side of the Balance SheetPrize fund is a specific fund which need to be shown as liability. Any expenses pertains to the prize awarded, need to be transferred to liabilities side of the balance sheet by deducting the amount from fund account.

The correct option is C The Liabilities side of the Balance Sheet
Prize fund is a specific fund which need to be shown as liability. Any expenses pertains to the prize awarded, need to be transferred to liabilities side of the balance sheet by deducting the amount from fund account.