ABC Welfare Society is working on the construction of building( sports complex for indoor games). It has provided the following information on 1st April, 2020.
Capital fund = ₹650000
Building fund = ₹700000
Donation received for building = ₹500000
Poor girls marriage fund = ₹200000
Sports fund = ₹100000
At the end of the year, building is completed by incurring ₹1500000.
Expenses on sports ₹60000
Expenses on Poor girls marriage= ₹130000
At the end of the year society closed the poor girls marriage fund.
You are required to answer the questions given below.

What treatment will be given to the sports fund?

Balance ₹40,000 will continue as liability

Sports fund opening balance = 100000
Less: expenses = 60000
Closing balance = 40000