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12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 3 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 30/08/2022

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Questions:

Generic 3

10 x 3 = 30

The following is the summary of cash transactions of Delhi Literary Club for the - Marending 31^stMarch 2019.
Delhi Literary club
Receiptsi and Payments Account for the Year ended 31^st March, 2019

Receipts	Rs.	Payments	Rs.
To Balance b/d		By Rent and Rates	21,000
Cash in hand	3,200	By Lecture fees	4,500
To Entrance fees	2,300	By Sundry Expenses	7,200
To Subscriptions	46,000	By Fixed Deposit	40,000
To Life membership fees	2,500	By Balance c/d
To Interest received		Cash in hand	4,300
on Fixed Deposit	500
To Sale of furniture (1.4.2018)	22,500
.(Book value Rs. 25,000)
	77,000		77,000

Additional information:
(i) Capital fuld as on 1^stApril 2019, was Rs. 63,200.
(ii) At the beginning of th'e year, the club possessed books worth Rs. 20,000 and furniture worth Rs. 20,000.
(iii) Subscription received in advance during the current year
Prepare Income and Expenditure account of the Club for the year ending 31^st, March,
2019 and the Balance Sheet as on that date.

From the following particulars'of Chennai Sports Club, prepare Receipts and Payment account for the year ended 31st March 2018.

Particular	Rs.	Particular		Rs.
Openirrg cash balanct as on		Subscripions received
1.4.2017	10,000
Opening bank balrance as on
1.4.2017	15,000	2016 - 17	4,500
Interest paid	5,000	2017 - 18	65,000
Telephone expenses	7,000	2018 - 19	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

What are books maintained by not-for-profit organisation?

What are the features of Not-for-profit organisation ?

From the following information calculate the amount of stationery to be shown Income and Expenditure A/c for March 2014.

Stock of stationery on 1.4.2013	Rs. 50,000
Stock of stationery on 31.03.2014	Rs. 40,000
Amount paid for stationery	Rs. 2,00,000
Creditors for stationery 1.4.2013	Rs. 20,000
CreditorsTor stationer 31.03.2014	Rs. 10,000

Prepare balance sheet of Cosmos club as on 31^st March, 2014.

Particulars	Debit	Credit
Tournament Fund	-	1,50,000
Tournament Fund Investment	1,50,000
Income from Tournament Ftrnd Investment	-	18,000
Tournament Expenses	12,000	-

Interest accured on Tournament Fund Investment Rs. 6,000.

From the following informatlon calculate the amount of subscription to be credited to the Income and Expenditure A/c for the year 2013-14.

Subscription received	50,000
Subscription outstanding 31.03.2013	20,000
Strbscription outstanding 2013 -2014	6,000
Subscription recd. in advance 31.03.2013	8,000
Subscription recd. in advance 31.03.2014	9,000

Subscriptious of Rs. 9,000 is still in arrears for the year 2012- 13.

What are the differences between Trade organisation and Not-for-profit organisation?

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.

10.

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

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Answers Key:

Generic 3

10 x 3 = 30

To find the opening capital fund, opening balance sheet should be prepared.
In the books of Delhi Literary Club
Balance sheet as on 31^st March, 2018
Dr. Cr.

Liabilities	Rs.	Assets	Rs.
Capital fund	63,200	Furniture	40,000
(Balancing figure)		Books	20,000
		Cash in hand	3,200
	63,200		63,200

Dr Income and expenditure A/c for the year ended 31.03.2019 Cr

Expenses	Rs.	Income	Rs.	Rs.
To Rent and rates	21,000	By entrance fees		2,300
To Lecture fees	4,500	By Subscriptions	46,000
To Sundry expenses	7,200	Less: Received in advance
To Loss on sale of furniture	2,500	during current year	1,000	45,000
(25,000 - 22,500)		By Interrest received on
To Excess of income		fixed deposit		500
over expenditure (surplus)	12,600
	47,800			47,800

Dr Balance sheet as on 31.03.2019 Cr

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital fund	63,200		Furniture	40,000
(+) Excess of income			(-) Book value of
over expenditure	12,600	75,800	furniture sold	25,000	15,000
Life membership fees		2,500	Books		20,000
Subscription			Fixed deposit		40,000
received in advance		1,000	Cash in hand		4,300
		79,300			79,300

In the books of Chennai Sports Club
Dr Receipts and payments account for the year ended 31.03.2018 Cr

Receipt		Rs.	Payments		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 purdrased		13,000
To Tournament fund receits		15,000	By Tournament expenses		12,500
To Subscriptions recevied			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	By (Cash/bank) (B.F)
		1,20,000			1,20,000

(i) Cash Book
(ii) Ledgers
(iii) Member's Registers.
(iv) Register of Assets
(v) Final Account :
(a) Receipt and payments Accounts
(b) Income and expenditure Account
(c) Balance sheet

(i) Main aim is service
(ii) Profit is not the criterion
(iii) Surplus not distributed among its members
(iv) Separate entity.
(v) Unique names connect their working.
(vi) Management by elected persons.

Calculation of amount stationely shown in Income and Expenditure Account

Particulars		Amount
Stock of stationery on 1.4.2013		50,000
Add Amount paid for stationery during the year		2,00,000
Creditors for stationery on 31.03.14		10,000
		2,60,000
Less Creditors for stationery on 1.4.2013	20,000
(-) Stock of station ery 31.3.2014	40,000	60,000
Stationery consumed during the year 2014		2,00,000

Stationery consumed Rs. 2,00,000

Balance sheet of Cosmos club (An Extract as on 31^st March 2014)

Liabilities	Rs.	Assets	Rs.
Tournament Fund	1,50,000	Tournament Fund	1,50,000
		Investment
Add Income from	18,000	Invest accrued on	6,000
Tournament Ftrnd		Tournament Fund
Investment
Add Interest Accrued on	6,000
Tournament Fund
Investment
	1,74,000
Loss:Tournament Expenses	12,000
	1,62,000

Balance sheet : Total Rs. 1,62,000

Computation of Subscription

Particulars	Amt(Rs.)	Amt(Rs.)
Subscription Received		50,000
Add (i) Outstanding End	15,000
(6,000 + 9,000)
(ii) Advance Beginning	8,000	23,000
		73,000
Less (i) Outstanding Beginning	20,000
(ii) Advance End	9,000	29,000
Strbscription Transfer Income and Expenditure Account		44,000

Subscription Tiansfer in Income and Expenditure Account Rs. 44,000.

Basis	Trade Organisation	Not - for - proftt organisation
(i) Primary Objectives	The main purpose of trade organisation is to earn profit	The main purpose of NPO is to provide services to the public at large
(ii) Ownership	The proprietor of the business are the owners.	In NPO subscribers are known as members.
(iii) Result	The result of trade organisation is called profit or loss.	The result of NPO is called surplus or deficit.
(iv) Distribution of Profit	Profit or loss is distributed among owners.	Surplus or deficit is not distributed among members instead of it is adjusted in capital fund.