Question : Sports Fund on 1st January 2017 Rs 50,000
15% sports fund Investment ( Face value Rs 60,000) Rs 50,000
Interest received on Sports fund investment Rs 7000
Expenses on sports events during 2017 Rs 15000
Purchase of sports equipment during the 2017 20,000
Sports prizes awarded during the year Rs 5000
Donation received for sports Fund during the year Rs 20,000
Option 1: Rs 59,000
Option 2: Rs 39,000
Option 3: Rs 79,000
Option 4: Rs 80,000
Correct Answer: Rs 39,000
Solution : Sports Fund on 1st January 2017 = Rs 50,000 (+) Interest on sports fund investment = Rs.9,000 (-) Expenses on sports events during 2017 = (Rs 15000) (-) Sports prizes awarded during the year = (Rs 5000) (+) Donation received for sports Fund = Rs 20,000 (-) Purchases of Sports fund = (Rs 20,000) Amount credited to I&E A/c = Rs 39,000
Hence, the correct option is 2.
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 : 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
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 : Show how will you deal with the following items in the final accounts of a club :Rs.
Sports Fund 15,000
Sports Fund Investments 30,000
Income from Sports Fund Investments 1500
Donations for Sports Fund 12,000
Sports Prizes awarded 7,000
Expenses on Sports events 4,000
Option 1: Liability side: Sports Fund Rs. 17,500; Assets side: Sports Fund Investments Rs. 30,000
Option 2: Liability side: Sports Fund Rs. 14,500; Assets side: Sports Fund Investments Rs. 30,000
Option 3: Liability side: Sports Fund Rs. 20,500; Assets side: Sports Fund Investments Rs. 30,000
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