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.
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