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Accounts of Not-For-Profit Organisation Model Question Paper

12th Standard EM

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 50
    6 x 1 = 6
  1. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  2. Subscription due but not received for the current year is

    (a)

    An asset

    (b)

    A liability

    (c)

    An expense

    (d)

    An item to be ignored

  3. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  4. Subscription received but not yet earned is considered as a /an

    (a)

    Asset

    (b)

    Liability

    (c)

    Income

    (d)

    Expenditure

  5. Income and Expenditure accounts show

    (a)

    cash available to an organization

    (b)

    dosing capital of an organization

    (c)

    cash available in the bank account

    (d)

    surplus or deficit for the current accounting period.

  6. On what basis the receipts and payments account is prepared?

    (a)

    Cash basis

    (b)

    Credit basis

    (c)

    Both

    (d)

    None of these

  7. 6 x 2 = 12
  8. From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018?
    Subscription received in 2018 is Rs.16,000 which includes Rs. 3,000 for 2017 and Rs. 5,000 for 2019.
    Subscription outstanding for the year 2018 is Rs. 4,000. Subscription of Rs.2,000 was received in advance for 2018 in the year 2017.

  9. How will the following appear in the final accounts of a club for the year 2017 –2018?

    Particulars Rs.
    Prize fund on 1.4.2017 60,000
    Prize fund investment on 1.4.2017 60,000
    Interest received on prize fund investment 6,000
    Prizes distributed 8,000
    Donation received for prize fund 12,000
  10. State the meaning of not–for–profit organisation

  11. What is legacy?

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

  13. 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 3,000 5,000
    Subscription received in advance 4,000 7,000

    Subscription received during the year 2018: Rs.45,000.

  14. 4 x 3 = 12
  15. 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    
  16. From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31st March, 2018 and also show how it will appear in the Balance Sheet as on 31st March, 2018.

    Amount paid for stationery during 2017- 2018 Rs.1,500
    Stock of stationery on 1st April, 2017 Rs.300
    Stock of stationery on 31st March, 2018 Rs.200
  17. What is income and expenditure account?

  18. State the differences between Receipts and Payments Account and Income and Expenditure Account

  19. 4 x 5 = 20
  20. 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
  21. Following is the Receipts and Payments Account of Salem Recreation Club for the year ended 31st March, 2019
    In the books of Salem Recreation Club Receipts and Payments Account for the year ended 31st March, 2019

    Dr.                                                                                              Cr.
    Receipts Rs. Rs. Payments Rs.
    To Balance b/d:     By Furniture 15,000
    Cash in hand   9,000 By Stationery 2,400
    To Subscriptions     By Investment 12,500
    2018 – 2019 12,500   By Postage 1,000
    2019 – 2020 400 12,900 By Balance c/d:  
    To Proceeds from entertainment   12,000 Cash in hand 3,500
    To Sundry receipts   500    
        34,400   34,400

    Additional information:
    (i) There are 450 members each paying annual subscription of ` 30.
    (ii) Stock of stationery on 31st March, 2018 ` 300 and on March 31, 2019 ` 500.
    (iii) Capital fund as on 1st April 2018 was ` 9,300.
    Prepare income and expenditure account for the year ended 31st March, 2019 and the balance sheet as on that date.

  22. From the information given below, prepare Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March, 2019.

    Particulars Rs. Rs. Particulars Rs.
    Bank overdraft (1.4.2018   6,000 Honorarium paid 2,800
    Cash in hand (1.4.2018)   1,000 1,000 700
    Wages paid for ground maintenance   2,000 Match expenses 2,600
    Subscription received:     Sports material purchased 1,900
    Previous year 500   Match fund receipts 5,200
    Current year 9,600   Legacies received 2,000
    Subsequent year 400 10,500 Cash balance (31.03.2019) 300
    Wages yet to be paid   2,200 Donation received for pavilion 2,000
    Interest on loan paid   2,000    
  23. From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019.

    Receipts Rs. Payments Rs.
    To Balance b/d   By Salaries 20,000
    Cash in hand 14,000 By Rent 24,000
    To Interest received 5,000 By Travelling expenses 2,000
    To Subscription 55,000 By Printing and stationery 6,000
    To Legacies 48,000 By Investments made 50,000
    To Entrance fees 7,000 By Sports equipment purchased 33,000
    To Sale of furniture 16,000 By Balance c/d  
    (Book value: Rs.7,000)   Cash in hand 10,000
      1,45,000   1,45,000

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