Question 41 of 48
Q.
How will the following appear in the Final accounts of Karaikudi Sports Club for the year ending 31st March 2024 ?
| Particulars | ₹ |
|---|---|
| Tournament fund on 1st April 2023 | 90,000 |
| Tournament fund investment on 1st April 2023 | 90,000 |
| Interest received on tournament fund investment | 9,000 |
| Donation to tournament fund | 10,000 |
| Tournament expenses | 60,000 |
Puducherry TnboardTamil Nadu HSC (DGE) Commerce Board 2025Subjective· 3mImportance★★★★★
85% · 41/48 Questions
You're viewing a preview — the full solution, concept, methods & PYQ mapping are locked.
Start your 14-day free trial to unlock the full solution →Add interest on fund investment and donation to the fund; deduct tournament expenses from the fund. Closing fund ₹49,000 (liabilities) and fund investment ₹90,000 (assets); no item touches the Income & Expenditure account.
A specific/special fund and its income and expenses are kept outside the Income and Expenditure account.
Tournament Fund (shown in Balance Sheet — Liabilities side)
| Particulars | ₹ |
|---|---|
| Tournament fund (opening, 1.4.2023) | 90,000 |
| Add: Interest on tournament fund investment | 9,000 |
| Add: Donation to tournament fund | 10,000 |
| 1,09,000 | |
| Less: Tournament expenses | 60,000 |
| Tournament fund (closing) | 49,000 |
Balance Sheet as on 31st March 2024 (relevant extract)
| Liabilities | ₹ | Assets | ₹ |
| --- | --- | --- | --- | …
Unlock everything free for 14 days
- Full step-by-step solutions
- Concept-first explanations
- Methods, shortcuts & mistakes
- PYQ mapping + timed mock tests
Full access for 14 days. No credit card required.