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Fund Account - Kindly Help - Urgent .

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(Querist)
16 June 2010 Dear Experts,
Currently I am doing the audit of an educational institution. They are having a lot of earmarked funds and a lot of corresponding FDs.(The previous year audit was done by another auditor).
1) As per the last balance sheet the total of funds and the corresponding FDs differ ... Should it be the same..?
2)How should I treat the current year interests received.. What are the entries... ?
3)How to make the entries for the payments made out of the fund?
KINDLY HELP
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
17 June 2010 The creation of any fund will have a basis pl go thro the back up papers available and discuss the matter with the client.Normally a fund is crested for a particular purpose c if there are any deviations and bring it to the notice of the client, accounting treatment will emerge from the conclusions of the foregoing.
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