From the following information, calculate the amount to be shown in Income and Expenditure A/c.
|
Particulars |
Amount (₹) |
|
Match Expenses |
32,000 |
|
Match Fund |
16,000 |
|
Donation for match fund |
10,000 |
|
Sale of match tickets |
14,000 |
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) - not to be shown.
Match fund = ₹16,000
Add: donation = ₹10,000
= (16,000 + 10,000)
= ₹26,000
Add: sale of match tickets = 14,000
= (26,000 + 14,000)
= ₹40,000
Less: Match expenses = ₹32,000
= (40,000 - 32,000)
= ₹8,000
As it is positive it is shown on the liabilities side of the balance sheet. If it is negative figure then it is shown on the debit side of income and expenditure account.