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The opening balance of Prize Fund was ?32,800. During the year, donations reoeived towards this fund amounted to ?15,400; amount spent on prizes was 712,300 and interest received on prize fund investment was ?4,000. The closing balance of Prize Fund will be :
?56,500
?64,500
?39,900
?31,900
- The opening balance of the Prize Fund is €32,800.
- Donations received during the year add up to €15,400.
- The amount spent on prizes is €12,300.
- Interest earned from the Prize Fund investment is €4,000.
To find the closing balance:
- Start with the opening balance of €32,800.
- Add €15,400 (donations received).
- Add €4,000 (interest received).
- Subtract €12,300 (amount spent on prizes).
Calculation:
$$32,800 + 15,400 + 4,000 - 12,300 = 39,900$$
- Your Answer: option 3 ?39,900 is absolutely ? correct.
- This calculation leads to a closing balance of €39,900.
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