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Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000?
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Show the following items in balance sheet:- Tournament fund 1,50,000(c...
Balance Sheet Items:
- Tournament fund: Rs. 1,50,000 (credit)
- Tournament fund investment: Rs. 1,50,000 (debit)
- Income from tournament fund investment: Rs. 18,000 (credit)
- Tournament expense: Rs. 12,000 (debit)
Additional Information:
- Interest accrued on tournament fund investment: Rs. 6,000
Explanation:
The tournament fund is a liability account that represents the amount of money that has been set aside for hosting tournaments. It is shown on the credit side of the balance sheet because it is a source of funds for the organization. The tournament fund investment, on the other hand, is an asset account that represents the money that has been invested to earn a return. It is shown on the debit side of the balance sheet because it is a use of funds for the organization.
The income from tournament fund investment is the amount of money earned from the investment. It is shown on the credit side of the balance sheet because it increases the organization's assets. The tournament expense is the cost incurred in hosting the tournament. It is shown on the debit side of the balance sheet because it represents a decrease in the organization's assets.
The interest accrued on tournament fund investment is the amount of interest that has been earned but not yet received. It is shown as additional information because it has not yet been recorded in the financial statements. Once it is received, it will be added to the income from tournament fund investment and shown on the credit side of the balance sheet.
In summary, the balance sheet items show the financial position of the organization with respect to the tournament fund, investment, income, and expenses. The additional information provides more detail about the interest earned on the investment.
- Tournament fund: Rs. 1,50,000 (credit)
- Tournament fund investment: Rs. 1,50,000 (debit)
- Income from tournament fund investment: Rs. 18,000 (credit)
- Tournament expense: Rs. 12,000 (debit)
Additional Information:
- Interest accrued on tournament fund investment: Rs. 6,000
Explanation:
The tournament fund is a liability account that represents the amount of money that has been set aside for hosting tournaments. It is shown on the credit side of the balance sheet because it is a source of funds for the organization. The tournament fund investment, on the other hand, is an asset account that represents the money that has been invested to earn a return. It is shown on the debit side of the balance sheet because it is a use of funds for the organization.
The income from tournament fund investment is the amount of money earned from the investment. It is shown on the credit side of the balance sheet because it increases the organization's assets. The tournament expense is the cost incurred in hosting the tournament. It is shown on the debit side of the balance sheet because it represents a decrease in the organization's assets.
The interest accrued on tournament fund investment is the amount of interest that has been earned but not yet received. It is shown as additional information because it has not yet been recorded in the financial statements. Once it is received, it will be added to the income from tournament fund investment and shown on the credit side of the balance sheet.
In summary, the balance sheet items show the financial position of the organization with respect to the tournament fund, investment, income, and expenses. The additional information provides more detail about the interest earned on the investment.
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Show the following items in balance sheet:- Tournament fund 1,50,000(c...
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Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000?
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Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000?.
Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Show the following items in balance sheet:- Tournament fund 1,50,000(cr.) Tournament fund investment 1,50,000(dr.) Income from tournament fund investment 18,000(cr.) Tournament Expense 12,000(dr.) Additional info:- Interest accrued on tournament fund investment Rs. 6,000?.
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