How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. 12,25,000, Expenditure incurred Rs. 10,80,000, Total estimate Rs. 25,00,000.

Question

Option 1: Rs. 1,45,000 to be shown in Liability side of Balance Sheet

Option 2: Rs. 1,45,000 to be shown on the Asset side of the Balance sheet and Rs. 25,00,000 to be shown on Liability side

Option 3: Rs. 12,75,000 to be shown on expenditure side of Income and Expenditure Account

Option 4: Rs. 12,75,000 to be shown on Income side of Income and Expenditure Account

AfterBoards · Accepted Answer

The answer is 'Rs. 1,45,000 to be shown in Liability side of Balance Sheet'. View full solution:

CUET Accountancy 2022 20 Aug Shift 2 PYQs

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