12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 2 Mark Book Back Question Paper and Answer Key 2022 - 2023 | QB365

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12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 2 Mark Book Back Question Paper and Answer Key 2022 - 2023

Published on: 30/08/2022

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Questions:

Generic 2

14 x 2 = 28

Chennai tennis club had Match fund showing credit balance of Rs. 24,000 on 1^st April, 2018. Receipt to the fund during the year was Rs. 26,000. Match expenses incurred during the year was Rs. 33,000. How these items will appear in the final accounts of the club for the year ended 31^st March, 2019?

Show how the following items appear in the income and expenditure account of Sirkazhi Singers Association?

	Rs.
Stock of stationery on 1.4.2018	2,600
Purchase of stationery during the year	6,500
Stock of stationery on 31.3.2018	2,200

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.50,000 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.

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.

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

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

Write a short note on life membership fees.

What is legacy?

What is receipts and payments account?

10.

State the meaning of not–for–profit organisation

11.

How will the following appear in the final accounts of a club for the year 2017 – 2018?

Particulars	Rs.
Prize fund on 1.4.2017	60,000
Prize fund investment on 1.4.2017	60,000
Interest received on prize fund investment	6,000
Prizes distributed	8,000
Donation received for prize fund	12,000

12.

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

13.

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

14.

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

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Answers Key:

Generic 2

14 x 2 = 28

Balance sheet of Chennai tennis club as on 31^st March, 2019
Liabilities	Rs	Rs
Match fund	24,000
Add: Receipt the fund	26,000
	50,000
Less: Match expenses	33,000	17,000

Dr Income and Expenditure Account of Sirkazhi singers Association Cr
Expenditure	Rs	Rs
To statonary
Consumed:
Opening stock	2,600
Add:Purchase	6,500
	9,100
Less: Closing stock	2,200	6,900

Dr Income and Expenditure Account for the year ended 31 December, 2018 Cr
Income	Rs	Rs
By Subscription received
during the year	50,000
Less: Subscription received for
2017	5000
	45,000
Less: Subscription received for 2019	7,000
	38,000
Add: Subscription due for 2018	6,000
	44,000
Add: Received in advance in
2017 for 2018	4,000	48,000

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

i. Subscription
ii. Interest on investment
iii. Interest as fixed deposit
iv. Sale of old sports material
v. Sale of old newspaper.

i. Life membership fees
ii. Legacies
iii. Specific donation
iv. Sale of fixed asset
v. Special funds
vi. Prize fund
vii. Tournament fund.

Life membership fee is accounted as a capital receipt and added to capital fund on the liabilities side of Balance sheet. It is not recurring in nature.

It is the amount given to a non-trading concern as per the will. It is like a donation. It appears as the debit side of receipts and payments account. But is not treated income because it is not of recurring nature. It is a capital receipt.

(i) Receipts and Payments account is a summary of cash and bank transactions of not-for-profit organisations prepared at the end of each financial year.
(ii) It is a real account in nature. The receipts and payments account begins with the opening balances of cash and bank and ends with closing balances of cash and bank

10.

(i) Some organisations are established for the purpose of rendering services to the public without any profit motive.
(ii) They may be created for the promotion of art, culture, education, sports, etc. These organisations are called not-for-profit organisation.
(iii) Charitable institutions, educational, institutions, cultural societies, sports and recreation clubs, hospitals, libraries and literary associations are some of the examples of not-for-profit organisations.

11.

Balance sheet as on 31^st March, 2018
Liabilities	Rs.	Rs.	Assets	Rs.
Prize fund	60,000		Prize fund
Add: Interest received on			investment	60,000
prize fund investment
Add: Donation for prize
fund	12,000
	78,000
Less: Prizes distributed	8,000	70,000

12.

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

13.

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

14.

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.