Kumar Club has maintained 25,000 in its Prize Fund There exists a Prize Fund Investment of - Accountancy - Reconstitution- Retirement/Death of a Partner

Question

Kumar Club has maintained ?25,000 in its Prize Fund There exists a
Prize Fund Investment
of ? 10,000 and interest received on these was ? 1,000 During the
year, prizes
worth ?32,000 were distributed Calculate the amount of Prize Fund
to be shown in either I
& E A/c or in the Balance Sheet

Rachna Puneet Mehta · Accepted Answer

Solution:
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Kumar Club has maintained ?25,000 in its Prize Fund. There exists a Prize Fund Investment of ? 10,000 and interest received on these was ? 1,000. During the year, prizes worth ?32,000 were distributed. Calculate the amount of Prize Fund to be shown in either I & E A/c or in the Balance Sheet.

Kumar Club has maintained ?25,000 in its Prize Fund. There exists a Prize Fund Investment
of ? 10,000 and interest received on these was ? 1,000. During the year, prizes
worth ?32,000 were distributed. Calculate the amount of Prize Fund to be shown in either I
& E A/c or in the Balance Sheet.