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12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - I

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25

  1. From the Receipt and Payment Account given below, prepare the Income and Expenditure Account of clean Delhi club for the year ended March 31, 2017

    Dr Receipt and Payment Account for the year ending March 31st, 2017 Cr
    Receipts Rs Payments Rs
    To Balance b/d   By Salary 1,500
    Cash in hand 3200 By Rent 800
    To Subscriptions 22,500 By Electricity 3,500
    To Entrance fees 1,250 By Taxes 1,700
    To Donations 2,500 By Printing stationery 380
    To Rent of hall 750 By Sundry expenses 920
    To Sale of investment 3,000 By Books purchased 7,500
        By Fixed deposit with bank 5,000
        (on31-3-2014)  
        By Balance c/d  
        Cash in hand 400  
        Cash at bank 1,500 1,900
      33,200   33,200

  2. From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31st, 2015 and Balance sheet.

    Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
    Receipts Rs Payments Rs
    Subscription:      
    2013-14     7,000      
    2014-15   30,000      
    2015-16     5,000   42,000      

    Additional Information:
    (i) Subscriptions outstanding March 31, 2014 Rs. 8,500
    (ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
    (iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

  3. Following is the receipts and payments accounts of Literacy club for the year ended 31st March 2016

    Receipts Rs. Rs. Payments Rs.
    To Balance c/d   19,550 By Salary 3,000
          By News papers 2,050
    To Subscribtions     By Electricity bill 1,000
    2014·2015 1,200   By Fixed deposit 20,000
    2015·2016 26,500   (on 1st July, 2015 @  
      500   9% per annum  
        28,200 By Books 10,600
          By Rent 6,800
    To slae old news paper   1,250 By Furniture 10,500
    To Government grants   10,000 By Balance dd 11,200
    To sale of old furniture   5,700    
    (book value Rs.7,000)        
    To interest on fixed deposits   450    
        65,150   65,150

    Additional information:
    (i) Subscription outstanding as on 31st March, 2015 were Rs. 2000 and on 31st March, 2016 Rs. 2,500.
    (ii) On 31st March, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
    (iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31st March 2016 and as certain capital fund on 31st March, 2015. Also prepare a balance sheet as on 31st March, 2016.

  4. From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

    Receipts Rs Paymenta Rs
    To Opening Balance   By Furniture Purchased 10,000
    Cash in hand 11,000 By Rent 2,800
    To Sale of old newspaper 3,600 By Postage 1,700
    To Member's Subscription 31,000 By General expenses 4,350
    To Locker rent 8,000 By Printing and stationery 45,000
    To Interest on investments 1,250 By Audit fees 5,000
    To Sale of furniture 5,000 By Closing balance  
        Cash in hand 3,000

  5. How will the following appear in the final account of a club for the year 2017-2018?

    Particulars Rs
    Prize fund on 1.4.2017 50,000
    Prize fund investment on 1.4.2017 50,000
    Interest received on prize fund investment 5,000
    Prizes distributed 6,000
    Donation received for prize fund 10,000

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