How the following items for the year ended 31st March 2020 will be presented in the
financial statements of Aisko Club:
Tournament Fund - 1,50,000
Tournament Fund Investments 1,50,000 -
Income from Tournament Fund Investments - 18,000
Tournament Expenses 12,000 -
Additional information:
Interest Accrued on Tournament Fund Investments ₹6,000.
Solution
Balance sheet
as at 31st March 2020
Balance sheet
as at 31st March 2020
| Liability | amount | Asset | amount |
| Tournament fund 1,50,000 | Tournament fund investments | 150000 | |
| Add: income from tournament fund 18000 | |||
| Add: interest accrued on tournament fund investments 6000 | |||
| Less: tournament expenses 12000 | 162000 | ||