Question

Chennai tennis club had a Match fund showing a credit balance of ₹ 24,000 on 1^st April, 2018. The receipt to the fund during the year was ₹ 26,000. Match expenses incurred during the year was ₹ 33,000. How these items will appear in the final accounts of the club for the year ended 31^st March, 2019?

Answer 1

Balance Sheet As on 31.3.19

Liabilities	₹	₹	Assets	₹
Opening Match Fund	24,000
(+) Receipt during the year	26,000
	50,000
(−) Expenses incurred	33,000	17,000