Accounts of Not-For-Profit Organisation Two Marks Questions

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    15 x 2 = 30
  1. 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

     

  2. 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

  3. 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
  4. State the meaning of not–for–profit organisation

  5. What is receipts and payments account?

  6. Give four examples for revenue receipts of not–for–profit organisation.

  7. How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs.40,000 during the year 2016-17. This includes subscription of Rs.5,000 for 2015-16 and ` 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016-17.

  8. 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.

  9. 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 Rs50,000 which includes Rs.5,000 for 2017 and Rs.7,000 for 2019. Subscription outstanding for the year 2018 is Rs 6,000. Subscription of Rs.4,000 was received in advance for 2018 in the year 2017.

  10. Show how the following items appear in the income and expenditure account of Sirkazhi
    Singers Association?

      Rs.
    Stock of stationery on 1.4.2018 2,600
    Purchase of stationery during the year 6,500
    Stock of stationery on 31.3.2018 2,200
  11. Chennai tennis club had Match fund showing credit balance of Rs.24,000 on 1st April, 2018.Receipt to the fund during the year  was Rs 26,000. Match expenses incurred during the yearwas Rs.33,000. How these items will appear in the final accounts of the club for the year ended 31st March, 2019?

  12. Compute capital fund of Salem Sports Club as on 1.4.2019.

    Particulars Rs. Particulars Rs.
    Sports equipment 30,000 Prize fund 10,000
    Computer 25,000 Prize fund investments 10,000
    Subscription outstanding for 2018-19 5,000 Cash in hand 7,000
    Subscription received in advance for
    2019-20
    8,000 Cash at bank 21,000
  13. Can be balance in receipts and payments account be treated as income of the period?

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

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

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