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How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000?
Most Upvoted Answer
How would we deal with the following items in income and expenditure a...
Case 1 expenditure side of income and expenditure a/c
case 2. balance sheet liabilities side
prize fund 25,000
(+) interest recd. 2,500
(-) prize awarded 10,000 17,500
prize fund investment 25,000 balance sheet assets side
case 2. balance sheet liabilities side
prize fund 25,000
(+) interest recd. 2,500
(-) prize awarded 10,000 17,500
prize fund investment 25,000 balance sheet assets side
Community Answer
How would we deal with the following items in income and expenditure a...
Case 1: Prize Awarded of 10000
Income and Expenditure Account:
- Deduct 10000 from the income side as it is an expense.
- Show the expense under the relevant head (e.g. "Prizes and Awards").
Balance Sheet:
- Deduct 10000 from the Assets side as it is an expense.
- Show the decrease in Assets under the relevant head (e.g. "Current Assets").
Case 2: Prize Fund of 25000 and Prize Fund Investment of 25000
Income and Expenditure Account:
- Add 25000 to the income side as it is a source of funds.
- Show the income under the relevant head (e.g. "Prize Fund").
Balance Sheet:
- Show the Prize Fund of 25000 under the relevant head (e.g. "Current Liabilities").
- Show the Prize Fund Investment of 25000 under the relevant head (e.g. "Investments").
Interest Received on Prize Fund Investment of 2500
Income and Expenditure Account:
- Add 2500 to the income side as it is a source of funds.
- Show the income under the relevant head (e.g. "Interest Received").
Balance Sheet:
- Show the Interest Received of 2500 under the relevant head (e.g. "Current Assets").
Income and Expenditure Account:
- Deduct 10000 from the income side as it is an expense.
- Show the expense under the relevant head (e.g. "Prizes and Awards").
Balance Sheet:
- Deduct 10000 from the Assets side as it is an expense.
- Show the decrease in Assets under the relevant head (e.g. "Current Assets").
Case 2: Prize Fund of 25000 and Prize Fund Investment of 25000
Income and Expenditure Account:
- Add 25000 to the income side as it is a source of funds.
- Show the income under the relevant head (e.g. "Prize Fund").
Balance Sheet:
- Show the Prize Fund of 25000 under the relevant head (e.g. "Current Liabilities").
- Show the Prize Fund Investment of 25000 under the relevant head (e.g. "Investments").
Interest Received on Prize Fund Investment of 2500
Income and Expenditure Account:
- Add 2500 to the income side as it is a source of funds.
- Show the income under the relevant head (e.g. "Interest Received").
Balance Sheet:
- Show the Interest Received of 2500 under the relevant head (e.g. "Current Assets").
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How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000?
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How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000?.
How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How would we deal with the following items in income and expenditure account and balance sheet in each of following case Case1 prize awarded 10000 Case2 prze fund 25000 Prize fund investment 25000 Interest received on prize fund investment2500 Prize awarded 10000?.
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