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Sri Club has a prize fund of Rs,6,00,000/-. It incurs expenses on prizes amounting to Rs.5,20,000/-. The expenses should be:

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Presented on the assets side of the balance sheet

Debited to income and expenditure account

Deducted from the prize fund on the liabilities side of the balance sheet

Debited to income and expenditure account and presented on the assets side of the balance sheet

answer is D.

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Detailed Solution

The expenses incurred over the raised fund is deducted from the that fund. Since the balance of the Prize Fund exceeds the expenses incurred so they shall be directly deducted from the Prize Fund on the liability side of the balance sheet.

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