Which of the following statements is correct for the presentation of the above items in the financial statements of the not-for-profit organization?[1]
A. Negative balance of match fund ₹ 1,000 will be shown on the liabilities side of the Balance Sheet as at 31st March 2019.
B. Opening balance of match fund ₹ 500,000 will be shown on the liabilities side of balance sheet as at 1-4-2018.
C. Negative balance of match fund, ₹ 1,000 will be shown on the expenditure side of the income and expenditure account for the year ended 31-3-2019.
D. Both (b) and (c).
Answer:D
Which of the following statements is correct for the presentation of the above items in the financial statements of the not-for-profit organization?[1]
A. Negative balance of match fund ₹ 1,000 will be shown on the liabilities side of the Balance Sheet as at 31st March 2019. B. Opening balance of match fund ₹ 500,000 will be shown on the liabilities side of balance sheet as at 1-4-2018. C. Negative balance of match fund, ₹ 1,000 will be shown on the expenditure side of the income and expenditure account for the year ended 31-3-2019. D. Both (b) and (c).