Question : Investment purchased during the year Rs 60,000 and interest on investment received Rs 1,000. 8% interest has accrued on Investment for five month. Calculate the amount credited to Income and Expenditure account and balance of investment at the end of the year.

Option 1: interest on investment credited to Income and Expenditure Account Rs 1,000 and closing balance of Investment is Rs 61,000

Option 2: interest on investment credited to Income and expenditure account Rs 3,000 and investment at the end of the year Rs 62,000

Option 3: Interest on investment credited to Income and Expenditure Account by Rs 2,000 and balance of investment at the end of the year Rs 60,000

Option 4: interest on investment credited to Income and Expenditure Account Rs 1,000 and Investment Balance at the end of the Year Rs 60,000

Question : Queens Club had a sports fund of Rs 20,000 in the beginning. During the year donations received towards this fund were Rs 60,000 and expenses on the sports fund were Rs 90,000. Interest received towards this fund was Rs 60,000 and expenses on sports fund Rs 90,000, interest received on prize fund investment was Rs 2,000. calculate the amount of the closing balance of the Sports Fund.

Option 1: Rs 8,000

Option 2: Rs 82,000

Option 3: Rs 80,000

Option 4: None of the above 

Question : Interest on investment received @8%pa for full year Rs 40,000.

Calculate the amount of Investment at the beginning of the year and also calculate of value of Investment at the end of the year.

Option 1: opening balance of investment Rs 5,00,000 and closing balance Rs 5,40,000

Option 2: opening balacne of Investment Rs 5,40,000 and clsoing balance of investment Rs 5,40,000

Option 3: opening balance of investment is nil and closing balance of investment Rs 5,40,000

Option 4: opening balance of Investment is Rs 5,00,000 and closing balance of Investment is Rs 5,00,000

Question : Prize Fund as on 31st March, 2017 = Rs 2,50,000

Donation for prizes received during the year 2017-2018 = Rs 1,20,000

10% prize fund investment as on 31st March, 2017 = Rs 2,00,000

Interest received on prize fund investment = Rs 16,000

Prizes awarded = Rs 1,15,000

Calculate the amount of prize fund after all adjustments as on 31st March 2018. 

Option 1: Prize Fund balance to be shown on the Liabilities side of Balance Sheet Rs 2,75,000

Option 2: Prize Fund balance to  be shown on the assets side of closing Balance Sheet Rs 2,75,000

Option 3: Prize Fund balance shown on the Liabilities side Rs 2,71,000

Option 4: Prize Fund Rs 2,71,000 balance shown on the Liabilities side of the Balance Sheet 

Question : Tournament Fund Rs 3,00,000.

12% Tournament Fund Investment on 1st April, 2017 Rs 3,00,000.

Interest received on tournament Fund investment Rs 30,000.

Sale of Tournament tickets Rs 75,000.

Tournament prize awarded Rs 60,000.

Expenses on tournament events Rs 20,000,

Calculate the amount of closing balance of Tournament Fund.

Option 1: Rs 4,11,000

Option 2: Rs 3,25,000

Option 3: Rs 3,31,000

Option 4: Rs 3,51,000