1.

How do u treat tournament expenses when a separate tournament fund is maintained

Answer»

e here's your ANSWER FUND BASED ACCOUNTING is an EXCEPTION to the general rule that all items of revenue or INCOME and expenses are transferres to Income and EXPENDITURE AcccountSuch Tournament expenses shall not be shown in the Income and Expenditure Account but  shall be deducted from Tournament Fund on the liabilities side of the Balance Sheet.Hope this may help you.......



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