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12th Accountancy - Accounts of Not-For-Profit Organisation Practice Question Paper

Published on: 04/01/2020

Accounts of Not-For-Profit Organisation

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 12th Standard - Accountancy

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Questions:

Generic 3

5 x 3 = 15

Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

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

How will the following appear in the final accounts of Vedaranyam Sports club?

	Rs.
Opening stock of bats and balls	3,000
Purchase of bats and balls during the year	17,000
Sale of old bats and balls	2,000
Closing stock of bats and balls	4,000

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 Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.

From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31^st 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

Generic 5

3 x 5 = 15

From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31^st December, 2018

Particulars	Rs	Particulars	Rs
Opening balance as on 1.1.2018	20,000	Lockers 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 receive	10,000

From the information given below, prepare Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31^st December, 2018

Particulars	Rs.	Particulars	Rs.
Cash balance as on 1.1.2018	2,000	Fire Insurance premium paid	1,500
Bank balance as on 1.1.2018	3,000	Subscription received	8,500
Sale of old newspapers	500	Furniture purchased	6,000
Stationery purchased	6,000	Purchase of newspapers	700
Audit fees paid	2,000	Depreciation on furniture	900
Entrance fees received	3,000	Cash balance as on 31.12.2018	2,500
Sundry charges	6,000	Conveyance paid	1,000
Scholarships given	2,000	Sale of furniture	4,000
Interest on investments	2,000

From the following particulars of Chennai Sports Club, prepare Receipts and Payments account for the year ended 31^st 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
Depreciation	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

Generic 2

5 x 2 = 10

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

10.

From the following receipts and payments account and the additional information given below, calculate the amount of subscription to be shown in Income and expenditure account for the year ending 31^st December, 2018

Receipts	Rs.	Rs.
To Subscription
2017	28,000
2018	1,72,000
2019	12,000	2,12,000

Additional information: Subscription outstanding for the year 2018 is Rs. 8,000.

11.

From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31^st March, 2018 and also show how it will appear in the Balance Sheet as on 31^st March, 2018.

Particulars	Amt(Rs.)
Amount paid for stationery during 2017- 2018	Rs.1,500
Stock of stationery on 1^st April, 2017	Rs.300
Stock of stationery on 31^st March, 2018	Rs.200

12.

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

13.

From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31^stMarch, 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

Multiple Choice Question

4 x 1 = 4

14.

Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent _________

(a)

Expense

(b)

Liabilities

(c)

Equity

(d)

Asset

15.

Some organisations are established for the purpose of rending services to the public without __________

(a)

any profit motive

(b)

any service motive

(c)

both

(d)

none of these

16.

Which of the following is to be recorded in an income and expenditure account?

(a)

Purchase of a fixed asset

(b)

Capital expenditure incurred on a fixed asset

(c)

Profit on the sale of a fixed asset

(d)

Sale of a fixed asset

17.

Subscription due but not received for the current year is

(a)

An asset

(b)

A liability

(c)

An expense

(d)

An item to be ignored

Choose the correct pair

1 x 1 = 1

18.

(a)	Entrance fees	-	Capital payments
(b)	Sale of fixed assets	-	Revenue receipts
(c)	Entertainment expenses	-	Revenue payments
(d)	Investmen	-	Capital receipts

Find out the wrong pair

1 x 2 = 2

19.

(a)	Subscription	-	Revenue receipts
(b)	Dividend	-	Revenue payments
(c)	Legacies	-	Capital receipts
(d)	Rent paid	-	Revenue payments

Odd one out

1 x 2 = 2

20.

Assertion (A) : Life membership fee is nonrecurring in nature.
Reason (R) : Admission fee is a fee collected from every member only once at the time of his or her Admission into the organization.
(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.

One or Two Words / Correct Statement

1 x 1 = 1

21.

(i) Capital fund also called as general fund or accumulated fund is taken to the assets side.
(ii) The total of debit balances will be equal to the total of credit balances.
(iii) Revenues, gains and liabilities will have credit balance.
(a) (i) is correct
(b) (ii) and (iii) are correct
(c) (ii) is correct
(d) (i), (ii) and (iii) are correct

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Answers Key:

Generic 3

5 x 3 = 15

The values highlighted are
(i) Social responsibility towards society.
(ii) Sensitivity towards cleaner environment

Balance sheet as on 31'1 March, 2019
Liabilities	Rs	Assets
Capital fund	80,000	Sports equipment	30,000
(Balancing figure)		Computer	25,000
Subscription received in		Subscription outstanding	5,000
advance	8,000	Prize fund investments	10,000
Prize fund	10,000	Cash in hand	7,000
		Cash at bank	21,000
	98,000		98,000

Dr Income and Expenditure Account of Vedaranyam sports club Cr
Expenditure	Rs	Rs	Income	Rs
To Stationery			By Sale of
consumed (bat & ball)			bats and balls	2,000
Opening stock	3,000
Add: Purchases	17,000
	20,000
Less: Closing stock	4,000	16,000

Balance Sheet of Vedaranyam Sports club
Liabilities	Rs	Assets	Rs
		Stock of bats and balls	4,000

Dr Income and Expenditure Account for the year ended 31^st March, 2017 Cr
Income	Rs	Rs
By Subscription	40,000
Less:
Subscription for the year
2015-2016	5,000
	35,000
Less:
Subscription for the year
2017-2018	3,000
	32,000
Add:
Outstanding subscription
for the year 2016-2017	1,000
		33,000

Balance sheet as on 31^st March, 2017
Liabilities	Rs	Assets	Rs
Subscription received in advance for the year 2017-2018	3,000	Outstanding subscription for the year 2016 - 2017	1,000

Dr.
In the books of Trichy Educational Society Receipts and Payments Account for the year ended 31^st December, 2018 Cr.
Receipts	Rs.	Payments	Rs.
To Balance b/d		By Investments made	80,000
Cash in hand	20,000	By Honorarium paid	3,000
To Donation received	80,000	By Audit fees	2,000
To Locker rent received	12,000	By General expenses	7,000
To Sale of furniture	5,000	By Postage	1,000
To Subscription	10,000	By Balance c/d
		Cash in hand	34,000
	1,27,000		1,27,000

Generic 5

3 x 5 = 15

Dr In the books of Chennai educational society Receipts and Payments Accounts for the year ended 31^stDecember 2018 Cr
Receipts	Rs	Payments	Rs
To Balance b/d		By Investments made	80,000
Cash in hand	20 000	By Honorarium paid	3,000
To Locker rent received	12,000	By General expenses	7,000
To Sale of furniture	5,000	By Postage	1,000
To Subscription	10,000	By Balance c/d
		Cash in hand
	1,27,000		1,27,000

Dr.In the books of Madurai Mother Theresa Mahalir Mandram Receipts and payments Accounts for the year ended 31^stDecember 2018 cr
Receipts	Rs.	Rs.	Payments	Rs.
To Balance bid			By stationery purchased	6,000
Cash in hand	2,000		By Audit fees paid	2,000
Cash at bank	3,000	5,000	By Scholarship given	2,000
To Sale of old news papers		5,00	By Sundry charges	6,000
To Entrance fees received		3,000	By Fire insurance premium paid	1,500
To Subscription received		8,500	By Furniture purchased	6,000
To Sales of furniture		4,000	By Purchase of news papers	700
To Interest on investment		2,000	By Conveyance paid	1,000
To Balance c!d		4,700	By Balance cld
(Bank overdraft)			Cash in hand	2,500
		27,700		27,700

[Hint: As depreciation on furniture is a non cash item, it is excluded in receipts and payments account]

In the books of Chennai Sports Club

In the books of Chennai Sports Club
Dr. Receipts and Payments Account for the year ended
31^st March, 2018 Cr.
Receipts	Rs.	Rs.	Payments	Rs.	Rs.
To Balance b/d:			By Interest paid		5,000
Cash	10,000		By Telephone expenses		7,000
Bank	15,000	25,000	By Upkeep of grounds		22,500
To Life membership fees		5,500	By Bats and balls purchased		13,000
To Tournament fund receipts		15,000	By Tournament expenses		12,500
To Subscriptions received			By Balance c/d
2016 – 2017	4,500		Cash	5,000
2017 – 2018	65,000		Bank (Bal. fig)	55,000	60,000
2018 – 2019	5,000	74,500
		1,20,000			1,20,000

Generic 2

5 x 2 = 10

No, as the balance in receipt and payments account is closing cash and bank balance

10.

Dr Income and Expenditure Account for the
year end 31.12.18 Cr
Rs	Income	Rs	Rs
-	By Subscription	1,72,000
	Add:
	Outstanding Subscription for 2018	8,000	1,80,000

11.

Dr. Income and Expenditure Account for the year ended 31^st March, 2018 Cr.
Expenditure	Rs.	Rs.
To Stationery consumed
Opening stock	300
Add: Purchases	1,500
	1,800
Less: Closing stock	200	1,600

Balance sheet as on 31^st March, 2018
Liabilities	Rs.	Assets	Rs.
		Stock of stationery	200

12.

Dr. Income and Expenditure Account for the year ended 31^st March, 2019 Cr.
Expenditure	Rs.	Rs.	Income	Rs.
To Sports materials consumed:			By Sale of old sports materials	500
Opening stock	3,000
Add: Purchased in the current year	9,000
	12,000
Less: Closing stock	4,000	8,000

Balance sheet as on 31^stMarch, 2019
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
			Stock of sports materials		4,000

13.

Dr. Income and Expenditure Account for the year ended 31^st March, 2017 Cr Expenditure Rs. Income Rs. Rs. By Subscription 60,000 Add: Outstanding subscription for 2016-17 2,400 Subscription received in advance in in advance in 1,000 63,400 Tutorial note
(i) Subscription for the year 2015-16 Rs. 7,500 and for the year 2017-18 Rs. 1,500 do not relate to the current year. So they should not be recorded in Income and Expenditure Account.
(ii) Subscription outstanding for the current year 2016-17 is Rs. 2,400. It should be added with the amount of subscription received during 2016-17.

Multiple Choice Question

4 x 1 = 4

14.