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.
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