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Question
Chennai tennis club had a Match fund showing a credit balance of ₹ 24,000 on 1st 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 31st March, 2019?
Solution
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 |
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