Calculate prize fund expenses incurred during the year 2021-22 from the following informationPrize fund as on 1 April, 2021 Rs. 80,000 Donation receiv - Accountancy MCQ CUET Accountancy 2022 23 Aug Shift 2 PYQs 2026 | ExamTest.live

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Calculate prize fund expenses incurred during the year 2021-22 from the following informationPrize fund as on 1 April, 2021 Rs. 80, 000 Donation received for Prize Fund Rs. 15, 000 10% Prize Fund Investment Rs. 80, 000 Interest Received Rs. 5, 000 Interest Accrued Rs. 3, 000 Prize fund as on 31 March, 2022 Rs. 70, 000

Solution & Step-by-step Explanation

Opening Prize Fund = Rs. 80, 000 .Additions to the fund:Donation Received = Rs. 15, 000 Total Interest on Investment = Interest Received (5, 000) + Interest Accrued (3, 000) = Rs. 8, 000 .Total Fund before expenses = 80, 000 + 15, 000 + 8, 000 = Rs. 1, 03, 000 .Closing Prize Fund = Rs. 70, 000 .Prize Fund Expenses = Total Fund before expenses - Closing Prize FundExpenses = 1, 03, 000 - 70, 000 = Rs. 33, 000 .

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Calculate prize fund expenses incurred during the year 2021-22 from the following informationPrize fund as on 1 April, 2021 Rs. 80, 000 Donation received for Prize Fund Rs. 15, 000 10% Prize Fund Investment Rs. 80, 000 Interest Received Rs. 5, 000 Interest Accrued Rs. 3, 000 Prize fund as on 31 March, 2022 Rs. 70, 000

Rs. 33, 000

Rs. 23, 000

Rs. 28, 000

Rs. 25, 000

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