Question : From the following information, calculate the balance of cash in hand on 31st March 2021
1. Cash in hand on 1st April 2020 Rs.4,390 7. Taxes paid Rs 490
2. Subscription Rs 37,600 8. Salaries Rs 21,500
3. Donation Rs 8,000 9. Honorarium to secretary Rs 2,500
4. Entrance fees Rs 4,300 10. Interest Received on Investment Rs 2,950
5. Rent received for club Hall Rs 5,250 11. Printing and stationery paid Rs 350
6. Electricity charges Rs 3,440 12. Petty cash expenses Rs 900
13. Insurance premium paid Rs 310
Option 1: Rs 38,250
Option 2: Rs 33,000
Option 3: Rs 28,000
Option 4: Rs 37,390
Correct Answer: Rs 33,000
Solution : Cash in hand = 4,390 (+) Subscription = 37,600 (+) Donation = 8,000 (+) Entrance fee = 4,300 (+) Rent received = 5,250 (-) Electricity charges = (3,440) (-) Insurance premium = (310) (-) Taxes paid = (490) (-) Salaries paid = (21,500) (-) Honorarium = (2,500) (+) Interest Received = 2,950 (-) Printing = (350) (-) Petty expenses = (900) Closing balance = 33,000
Hence, the correct option is 2.
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