New ! Accountancy MCQ Practise Tests



  1. Home
  2. 12th Standard
  3. Accountancy
  4. 12th Accountancy - Accounts of Not-For-Profit Organisation Important Questions

Updated 12th Standard Accountancy Study Materials 2022-2023 Exams

12th Accountancy - Accounts of Not-For-Profit Organisation Important Questions Question Bank Software Nov-21 , 2019

Accounts of Not-For-Profit Organisation

12th Accountancy - Accounts of Not-For-Profit Organisation Important Questions

Accounts of Not-For-Profit Organisation Important Questions

12th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5

  1. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  2. Income and expenditure account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  3. Income and Expenditure Account is prepared to find out

    (a)

    Profit or loss

    (b)

    Cash and bank balance

    (c)

    Surplus or deficit

    (d)

    Financial position

  4. Donations received for a specific purpose is

    (a)

    Revenue receipt

    (b)

    Capital receipt

    (c)

    Revenue expenditure

    (d)

    Capital expenditure

  5. There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

    (a)

    Rs. 50,000

    (b)

    Rs. 50,200

    (c)

    Rs. 49,900

    (d)

    Rs. 49,800

    6. 5 x 2 = 10

  6. From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31st March, 2017.

    Subscription received for Rs.
    2015-16 7,500
    2016-17 60,000
    2017-18 1,500
      69,000

    Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000

  7. Compute income from subscription for the year 2018 from the following particulars relating to a club

    Particulars 1.1.2018
    Rs.    		 31.12.2018
    Rs.
    Outstanding subscription 10,000 7,000
    Subscription received in advance 3,000 5,000

    Subscription received during the year 2018: Rs.1,50,000

  8. Give four examples for capital receipts of not–for–profit organisation.

  9. Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.

  10. Distinguish between income and expenditure account and profit and loss account

    11. 5 x 3 = 15

  11. From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.4.2018 18,000 Building purchased 2,10,000
    Rent paid 6,000 Staff salary 55,000
    Scholarship given 15,200 Subscription received 2,65,000
    Entrance fees received 18,500    

  12. Compute capital fund of Karur Social Club as on 31.03.2018

    Particulars as on 31.03.2018 Rs.
    Furniture 50,000
    Buildings 40,000
    Subscription outstanding for 2017-18 10,000
    Subscription received in advance for 2018-19 5,000
    Loan borrowed 10,000
    Investments 20,000
    Cash in hand 4,000
    Cash at bank 6,000

  13. How will the following appear in the final accounts of Vedaranyam Sports club?

      Rs.
    Opening stock of bats and balls 3,000
    Purchase of bats and balls during the year 17,000
    Sale of old bats and balls 2,000
    Closing stock of bats and balls 4,000

  14. Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

  15. Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

    16. 4 x 5 = 20

  16. From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31st March, 2019.

    Particulars Rs. Particulars Rs.
    Opening cash in hand as on 1.4.2018 5,000 Subscriptions received 20,000
    Bank overdraft as on 1.4.2018 4,000 Repairs and renewals 2,500
    Printing and stationery 1,500 Conveyance paid 2,750
    Interest paid 3,250 Books purchased 10,000
    Sale of investments 1,000 Insurance premium paid 4,000
    Purchase of refreshments 1,500 Sundry receipts 750
    Outstanding salary 2,000 Government grants received 6,000
    Endowment fund receipts 2,000 Sale of refreshments 1,500
    Lighting charges 1,300 Depreciation on buildings 2,000
        Cash at bank on 31.03.2019 2,000

  17. From the information given below, prepare Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31st December, 2018

    Particulars Rs. Particulars Rs.
    Cash balance as on 1.1.2018 2,000 Fire Insurance premium paid 1,500
    Bank balance as on 1.1.2018 3,000 Subscription received 8,500
    Sale of old newspapers 500 Furniture purchased 6,000
    Stationery purchased 6,000 Purchase of newspapers 700
    Audit fees paid 2,000 Depreciation on furniture 900
    Entrance fees received 3,000 Cash balance as on 31.12.2018 2,500
    Sundry charges 6,000 Conveyance paid 1,000
    Scholarships given 2,000 Sale of furniture 4,000
    Interest on investments 2,000    

  18. From the following Receipt and Payment Account for the year ending 31st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    To Balance c/d 25,000 By Purchase of furniture (1.7.14) 5,000
    Bank 25,000 By Salaries 2,000
    To Subscriptions   By Electricity charges 600
    2014   1,500   By Postage and stationery 150
    2015  10,000   By Purchase of books 2,500
    2016    500 12,000 By Entertainment expenses 900
    To Donation 2,000 papers (1.7.14 8000
    To Hall rent 300 By Miscellaneous expenses 600
    To Interest on bank deposits 450 By Balance c/d  
    To Entrance fees 1,000 Cash 300
        Bank 20,400
      40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding Rs. 1,500
    (ii) Entertainment expenses outstanding Rs. 500
    (Hi) Bank interest receivable Rs. 150
    (iv) Subscription accrued Rs. 400
    (v) 50 percent of entrance fees is to capitalised
    (vi) Furniture is to be depreciated at 10percent per annum

  19. From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31st, 2015 and Balance sheet.

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    Subscription:      
    2013-14     7,000      
    2014-15   30,000      
    2015-16     5,000   42,000      

    Additional Information:
    (i) Subscriptions outstanding March 31, 2014 Rs. 8,500
    (ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
    (iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

*****************************************

Reviews & Comments about 12th Accountancy - Accounts of Not-For-Profit Organisation Important Questions

Write your Comment