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
Correct Answer: None of the above
Solution :
Donations received during the year = Rs.60,000
(-) Opening sports fund = (Rs.20,000)
(-) Expenses = (Rs.90,000)
(+) Interest received = Rs.60,000
(+) Interest received on Prize Fund Investments =
Rs.2,000
Closing balance of Sports Fund =
Rs.12,000
Hence, the correct option is 4.
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