Question :
A club received Entrance fees of Rs.22,000. The club capitalises 15% of the entrance fee. The amount to be credited to Income and Expenditure A/c will be:
Option 1:
Rs.14,700
Option 2:
Rs.18,700
Option 3:
Rs.3,300
Option 4: None of these
Answer (1)
14th Jan, 2024
Correct Answer:
Rs.18,700
Solution : Entrance fees to be credited to Income and Expenditure Account = Rs.22,000 X (100 - 15)% = Rs.22,000 X 85% = Rs.18,700. Hence, the correct option is 2.
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