Liability side of balance sheet...bcause it is to be repaid after some time by non trading concers.

Income and Expenses Related to Prize Fund

Income and expenses related to the prize fund are recorded in the Income and Expenditure Account. This account is a nominal account, which means it is used to record revenue and expenses for a specific period, usually a year. The Income and Expenditure Account is used by non-profit organizations, such as clubs, societies, and charitable organizations, to record their income and expenditure.

Income Side of the Account

On the income side of the account, the following items are recorded:
- Membership fees
- Donations
- Grants
- Fundraising activities
- Interest earned on investments
- Prize money received

Expenses Side of the Account

On the expenses side of the account, the following items are recorded:
- Rent and utilities
- Salaries and wages
- Office expenses
- Travel expenses
- Prize money paid

Assets Side of the Balance Sheet

The prize fund is recorded as an asset on the balance sheet. The balance sheet is a statement of the organization's financial position at a specific point in time. The assets side of the balance sheet includes all the assets owned by the organization, including the prize fund.

Liabilities Side of the Balance Sheet

There are no liabilities related to the prize fund, so it is not recorded on the liabilities side of the balance sheet.

Cash Account

The cash account is used to record all cash transactions of the organization, including the receipt and payment of prize money. The cash account is a part of the organization's general ledger, which is used to record all financial transactions.

In conclusion, income and expenses related to the prize fund are recorded in the Income and Expenditure Account, while the prize fund itself is recorded as an asset on the balance sheet. There are no liabilities related to the prize fund, and cash transactions related to the prize fund are recorded in the cash account.