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
Correct Answer: Rs 3,31,000
Solution : Tournament Fund = Rs 3,00,000 (+) Interest received = Rs 36,000 (12% X Rs.3,00,000) (+) Sale of Tournament tickets = Rs 75,000 (-) Tournament prize awarded = (Rs 60,000) (-) Expenses on tournament events = (Rs 20,000) Closing balance of Tournament Fund = Rs.3,31,000
Hence, the correct option is 3.
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
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
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
Question : Prize Fund Rs. 2,00,000; Interest on Prize Fund Investments Rs. 20,000; Prizes awarded Rs. 40,000; Prize Fund Investments Rs. 1,00,000. How are the following items shown in the Income and Expenditure A/c of Not-for-Profit Organization?
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