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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


Team Careers360 11th Jan, 2024
Answer (1)
Team Careers360 14th Jan, 2024

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.

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