Special purpose funds : The funds which are set aside for special purposes like business expansion, repayment of bonds and debts, provision for unexpected losses, petty cash fund, buy back of shares, are referred to as special purpose funds. To explain : The reporting of special purpose fund accumulated for new plant in 2016, which is scheduled for 2018

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Chapter 12, Problem 12.24Q

To determine

Special purpose funds: The funds which are set aside for special purposes like business expansion, repayment of bonds and debts, provision for unexpected losses, petty cash fund, buy back of shares, are referred to as special purpose funds.

To explain: The reporting of special purpose fund accumulated for new plant in 2016, which is scheduled for 2018

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