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Accounts of Not-For-Profit Organisation - Two Marks Study Materials

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 items appear in the final accounts of a sports club?

    Particulars Rs.
    Stock of sports materials (01.04.2018) 3,000
    Sports materials purchased during current year 9,000
    Sale of old sport materials during current year 500
    Stock of sports materials (31.03.2019) 4,000
  4. What is receipts and payments account?

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

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

  7. 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.

  8. 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
  9. What are the features of not-for-profit organizations?

  10. Explain the steps in preparations of receipts and payments account.

  11. Write a note on Donations

  12. Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

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

  14. Income and expenditure account of a not-for-profit organization is akin to profit and loss account ofa business concern. Explain the statement.

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

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