Accounts of Not-For-Profit Organisation Important Questions

12th Standard EM

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Accountancy

Time : 01:00:00 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. Receipts and payments account records receipts and payments of

    (a)

    Revenue nature only

    (b)

    Capital nature only

    (c)

    Both revenue and capital nature

    (d)

    None of the above

  3. Balance of receipts and payments account indicates the

    (a)

    Loss incurred during the period

    (b)

    Excess of income over expenditure of the period

    (c)

    Total cash payments during the period

    (d)

    Cash and bank balance as on the date

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

    (a)

    Asset

    (b)

    Liability

    (c)

    Income

    (d)

    Expenditure

  5. Rs.10,000 received as to annual membership subscription. Out of this Rs.2,000 is pertaining to the previous accounting period whereas Rs.1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

    (a)

    Rs.10,000

    (b)

    Rs.9,000

    (c)

    Rs.12,000

    (d)

    Rs.8,000

  6. Charitable institutions and educational institutions are the examples of

    (a)

    profit organisation

    (b)

    not-for-profit organisation

    (c)

    both

    (d)

    none of these

  7. 2 x 2 = 4
  8. (a) Entrance fess
    (b) Salaries
    (c) Postage 2.
    (d) Telephone char

  9. Assertion (A) : The receipts and payments account begins with tile "'opening balances of cash and bank and ends with closing balances of cash and bank.
    Reason (R) : Non-cash items such as depreciation, outstanding expenses and accrued income are shown in receipts and payments account.
    (a) Both (A) and (R) are true, and (R) is the correct explanation of (A)
    (b) Both (A) and (R) are true, and (R) is not the correct explanation of (A)
    (c) (A) is true but (R) is false
    (d) (A) is false but (R) is true

  10. 5 x 2 = 10
  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. From the following particulars of Trichy Educational Society, prepare Receipts and Payments
    account for the year ended 31st December, 2018

    Particulars Rs. Particulars Rs.
    Opening cash balance as on 1.1.2018 20,000 Locker rent received 12,000
    Investments made 80,000 Sale of furniture 5,000
    Honorarium paid 3,000 General expenses 7,000
    Donation received 80,000 Postage 1,000
    Audit fees paid 2,000 Subscription received 10,000
  13. From the following particulars of Chennai Sports Club, prepare Receipts and Payments
    account for the year ended 31st March, 2018.

    Particulars Rs. Particulars Rs. Rs.
    Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
    Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
    Interest paid 5,000 2017 – 2018 65,000  
    Telephone expenses 7,000 2018 – 2019 5,000 74,500
    Upkeep of grounds 22,500 Tournament expenses   12,500
    Life membership fees received 5,500 Tournament fund receipts   15,000
    Bats and balls purchased 13,000 Closing balance of cash
    (31.3.2018)
      5,000
  14. What are the features of not-for-profit organizations?

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

  16. 5 x 3 = 15
  17. 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

     

  18. How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

    Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.
    Receipts Rs. Rs. Payments Rs.
    To Subscription        
    2017-2018 5,000      
    2018-2019 48,000      
    2019-2020 3,000 56,000    
             

    There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

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

  20. How the following items are dealt with in the final accounts of not–for–profit organisation?
    a) Sale of sports materials
    b) Life membership fees
    c) Tournament fund

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

  22. 3 x 5 = 15
  23. 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
  24. 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.

  25. From the following Receipt and Payment Account for the year ending 31thMarch 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

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