Accounts of Not-For-Profit Organisation Book Back Questions

12th Standard EM

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    5 x 1 = 5
  1. 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

  2. Which of the following should not be recorded in the income and expenditure account?

    (a)

    Sale of old news papers

    (b)

    Loss on sale of asset

    (c)

    Honorarium paid to the secretary

    (d)

    Sale proceeds of furniture

  3. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  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. 3 x 2 = 6
  7. From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income
    and Expenditure Account for the year ended 31.03.2018

    Receipts Rs. Payments Rs.
    To Opening balance   By Sports materials purchased 10,000
    Cash in hand 5,000 By Stationery paid 7,000
    To Rent received 10,000 By Computer purchased 25,000
    To Sale of investments 8,000 By Salaries 20,000
    To Subscription received 54,000 By Closing balance  
        Cash in hand 15,000
      77,000   77,000
  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. State the meaning of not–for–profit organisation

  10. 3 x 3 = 9
  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. How will the following items appear in the final accounts of a club for the year ending 31st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs.500 is still outstanding for the year 2016-17.

  13. How annual subscription is dealt with in the final accounts of not–for–profit organisation?

  14. 2 x 5 = 10
  15. 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
  16. From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March 2016, prepare income and expenditure account for the year ending 31st March, 2016 and a balance sheet as on that date.

    In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31st March, 2016
    Receipts Rs. Payments Rs.
    To Balance b/d:   By Maintenance 5,000
    Cash at bank 8,000 By Furniture 15,000
    To Subscriptions 11,000 By Tournament expenses 1,400
    To Sale of old bats and balls 100 By Secretary’s honorarium 4,500
    To Subscription for tournament 2,000 By Bats and balls 7,400
    To Legacies 20,000 By Balance c/d:  
        Cash at bank 7,800
      41,100   41,100

    Additional information:
    On 1st April, 2015 the club had stock of balls and bats Rs.3,000 and an advance subscription of` 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs.2,000. Stock of bats and balls on 31.3.2016 was Rs.1,000.

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