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12th Standard Accountancy English Medium - Accounts of Not-For-Profit Organisation 5 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 30/08/2022

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Questions:

Generic 5

15 x 5 = 75

Following is the summary of cash transactions of friends. CIub for the year ended 31^st March 2016. prepare Income and expenditure Acdount for the year ended 31" march 2016, and also Balance sheet at that date.

Dr. ReceiPts and Payments account Cr

Receipts	Rs.	Payments	Rs.
To Cash in hand	1,41,300	By Rent and Rates	86,100
Tb Entrance fees	55,200	By Salaries	1,09;000
To Strbscription	2,20,000	By Electric charges	6,200'
To Donations	1,06,100	By Genral exp.	12,500
To insert	4,100	By Books	31,200
To Surplus	8,200	By Office expenses	45,000
		By Investments	1,40,000
		By Cash at bank	61,900
		By Cash in hand	43,000
	5,34,900		5,34,900

Additional Information :
(i) ln the beginning of the year the club bad books worth Rs.3,00,000 and Furniture worth Rs.58,000.
(ii) Subscription in Arrear 1st April 2015.were Rs.6,000 & Rs.7,000.On 31^st March 2016.
(iii) Rs.18,000 was due by of Rent in the beginning as well as at,the end of the year.
(iv) Write of f Rs.5,000 frottr Furniture and Rs.30,000 from books.

What are the steps in preparation of income and Expenditure from Receipts and payments account?

Find out the amount of salaries to be debited to income and expenditure account for 1999.

Particulars	Amt(Rs.)
Payment made for salaries during 1999	4,800
Outstanding salary as on 31.12.1998	2,000
Outstanding salary as on 31.12.99	3,200
Prepaid salary 31.12.98	1,200
Prepaid salary 31.12,99	1,600

The following items relating to Tournament for the year 2000. Show how these items appeared in the Balance sheet.

Sheet	Rs.
Tournament Fund 1.1.2000	4,00,000
Fund Investment 1.1.2000	3,90,000
Fund Bank Balance in 1.1.2000	10,000
lnterest on investment received in 2000	45,000
Tournament entrance fee received	20,000
Tournament expenses	1,80,000
Cash received from Sale of investment at par	1,20,000

Calculate the amount of medicines consumed to be shown Income and Expenditure Account 31.3.2016.

Particulars	1.04.2015	31.03.16
Stock of medicines	3,000	500
Creditors for medicines	2,000	1,300
Admnce paid for medicines 31.03.2016	-	1,300
Advance paid for medtcines 2014-15	-	200
Amount for mdicines 2015-16		10,900

On the basis of following information. Calculate the amount debited to stationery Account in Income and Expenditure Account for the year ended 31-03-2016.

Particulars	Amt(Rs.)
Stock of Stationery on 01.4.2015	3,000
Creditors for stationery 01.04.2015	2,000
Amount-paid for stationery 2015	10,800
Stock of Stationery	500
Creditors for stationery on 31,3.2016	1,300

Also show the above items in the income and Expend.iture Account for the year ended 31.03.16

Distinction between Receipts and Payments Account and Cash book.

Particulars	Amt(Rs.)
Stationery stock on 1.4.2013	50,000
Stock in stationery 31 .13.14	40,000
Amount paid for stationery during the year	2,00,000
Creditors for stationery 1.04.2013	20,000
Creditors for stationery as 31.03.14	10,000

Particulars	Amt(Rs.)
Subscription received during 2013-14	50,000
Subscription outstanding on 31.03.13	20,000
Subscription outstanding for 2013-2014	6,000
Subscription received in Advance 31.3.13	8,000
Subscription received advance as 31.03.14	9,000

Subscription of Rs. 9000 is still in arears for the year 2012-2013 prepare Income and expenditure Account for 2013 2014.

10.

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

11.

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

12.

Following is the receipts and payments accounts of Literacy club for the year ended 31^stMarch 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 1^st 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 31^stMarch, 2015 were Rs. 2000 and on 31^stMarch, 2016 Rs. 2,500.
(ii) On 31^stMarch, 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 31^stMarch 2016 and as certain capital fund on 31^stMarch, 2015. Also prepare a balance sheet as on 31^stMarch, 2016.

13.

From the following balances prepare a balance sheet as on 31^st1March 2016.

Rs
Cash in hand	12,000
Cash at bank	8,000
Books	16,000
Billiard Table	24,000
Furniture	30,000
Investment	30,000
Prepaid expenses	20,000
Building	1,00,000
Outstanding expenses	40,000
Subscription received in advance	24,000
Subscription accrued	20,000
Surplus (Income over
expenditure)	20,000

14.

From the following Receipt and Payment Account for the year ending 31^stMarch 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

15.

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 31^st, 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

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Answers Key:

Generic 5

15 x 5 = 75

Dr Balance sheet asi on 1.4.2015 Cr

Liabilities	Rs.	Assets	Rs.
Rent outstanding	18,000	Cash	1,41,300
Capital fund	4,87,300	Subscriptions O/S	6,000
(balancing figures)		Books	3,00,000
		Furniture	58,000
	5,05,300		5,05,300

In the books of Friends club
Dr Income and expenditure account for the year ended Cr

Expenses	Rs.	Rs.	Income	Rs.	Rs.
To Rent & Rates	86,100		By Subscription	2,20,000
(+) Outstanding	18,000		(+) Outstanding	7,000
	1,04,100		at the end	2,27,000
(-) O/s in the beginning	18,000	86,100	(-) O/s at the	6,000	2,21,000
To Salaries		1,09,000	beginning		55,200
To Elec. Charges		6,200	By Entrance fees		1,06,100
To General expenses		12,500	By Donations		4,100
To Office expenses		45,000	By Interest
To Depreciation books	30,000		By Surplus		8,200
Furniture	5,000	35,000	from cultural		8,200
			programme
To Surplus (excess of
income over exp) (B.F)		1,00,800
		3,94,600			3,94,600

Dr Balance sheet as on 31.03.2016 Cr

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital fund			Cash in hand		43,000
Beginning	4,87 300		Cash at bank		61,900
(+) Surplus	1,00,800	5,88,100	Investment		1,40,000
Rent outstanding		18,000	Books beginning	3,00,000
			(+) Additions	31,200
				3,31,200
			(-) Depreciation	30,000	3,01,200
			Furniture	58,000
			(-) Depreciation	5,000	53,000
			Subscription
			outstanding		7,000
		6,06,100			6,06,100

Balance sheet : Capital fund Rs.4,87,300 ;
Surplus Rs.1,00,800;
Total Rs.6,06,100

i. Opening and closing balances of cash and bank a/c on receipts and payment account must be excluded.
ii. capital receipts and capital expenditure must be excluded
iii. Only revenue receipts pertaining to the current year should be taken to the credit side of income and expenditure account. Due adjustments should be made for income received in advance of income accured for the current year and for the amount relating to the previous year or years.
iv. Similarly revenue expenditure relating to the current year. Only must be taken in the debit side of income and expenditure account. Adjustment must be made for outstanding expenses of the previous year and current year and for the prepaid expenses of the previous year and current years
v. Any income of expense relating to specific fund must not be taken to income and expenditure account
vi. Non-Cash items such as bad debts, depreciation, loss or gain on sale of assets etc. which are not recorded in receipt and payments account must be recorded income and expenditure account.
vii. The balancing figure of income and expenditure account. Account is either surplus or deficit and will be transferred to capital find in the balance sheet. If the total of credit side of income and expenditure account is more than the total of debit side (excess of income over expenditure); the difference represents Surplus. If the debit side total income and expenditure in more than the total of over side the difference represents deficit.

Particulars	Rs.
Salaries paid during the year 1999	48,000
Less: Last year outstanding paid (1998)	2,000
	2,800
Add: Outstanding for the current year 1999	3,200
	6,000
Add: Prepaid in 1998	1,200
	7,200
Less: Prepaid in 1999	1,600
Net salaries to be shown on the debit side of the Income and Expenditure A/c	5,600

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Tournament Fund			Tournament fund.		15,000
1.1.2000	4,00,000		Bank bal(W.N.1)
			Tournament Fund	3,90,000
Investment	45,000		Investment 1.1.2000
(+) Entrance fee	20,000		(-) Investment sold	1,20,000	2,70,000
	4,65,000
(-) Tournament
expenses	1,80,000	2,85,000
		2,85,000			2,85,000

Balance sheet total Rs. 2,85,000.
Working note I
Computation of Tournament Fund Bank Balance 31.12.2000

Particulars	Rs.
Fund bank balance 1.1.2000	10,000
(+) Interest on investment received	45,000
(+) Entrance fee received	20,000
(+) SaIe of investment	12,000
	1,95,000
Less: Tournament Expenses	1,80,000
Closing Fund Bank Balance	15,000

Dr. Cr.

Expenses	Rs.	Rs.
Amount paid for medicine 2015-16		10,800
Add: Stock of medicine on 01.04.2015	3,000
Advance paid for medicine 2014-15	200
Creditors for stationery on 31.03.2016	1,300	4,500
		15,300
Less: Stock of medicines 31.03.16	500
Advance Paid for medicines 31.03.16	1,300
Creditors for Medicines 1.4.2015	2,000	3,800
Medicines consumed 2015-2016		11,500

Medicines consumed Rs.11,500

Income and expenditure account for the year 2015 - 16

Expenses	Rs.	Rs.
To amount paid for stationery 15-16		10,800
Add: Stock of stationery on 1.04.2015	3,000
(+)Creditors for stationery on 31.3.2016	1,300	4,300
		15,100
Less: Stock of stationery 30.3.16	500
(+ ) Creditors for stationer 1.4.201 5	2,000	2,500
Stationery used during 2015-2016		12,600

Income and Expenditure A/c : Stationery consumed Rs. 12,600.

S. no	Basis	Receipts and payments Accounts	Cash book
1.	Basis	It is prepared on the basis of cash book	It is prepared on the basis each transaction of receipt and payments.
2.	Period	Receipts and payments accounts is prepared at the end of accounting year. It is a summary of the cash book.	Cash book written on daily basis.
3.	Date	Transactions under this are not written, date wise	Transactions are recorded date wise in the cashbook
4.	Institutions	It is prepared by the not - for profit organisation	It is prepared by all the organisations be it not-for profit organisations or a commercial establishments.
5.	Side	Under it, there are receipts and payments sides instead of debit and credit sides.	Cash book is divided into debit and credit sides.
6.	Ledger folio	There is no column of ledger folio	Cash book has a separate column for ledger folio

Expenses		Rs.	Rs.
To Stock and stationery		50,000
(+) Amount paid by for stationery		2,00,000
		2,50,000
(+) Cr. for stationery 31.3:14		10,000
		2,60,000
(-) Cr.for stationery 1.4.13	20,000
(-) Stock as stationery on 31.3.14	40,000	60,000	2,00,000

Stationery consumed Rs. 2,00,000

lncome		Rs.	Rs.
Subscription		50,000
(+) Outstanding 2013-2014	6,000
2012-2013	9,000
	15,000
Subs. reced.in adv 31.03,18	8,000	23,000
(-) OIS sub in beginning	20,000	73,000
+ Adv in end 31.03.1 1	9,000	29,000	44,000

Subscription received as 31.03.14. : Rs. 44,000

10.

Balance sheet as on 31^st March, 2018
Liabilities	Rs	Rs	Assets	Rs
Prize find	50,000		Prize fund investment	50,000
Add :
interest received on prize
fund investment	5,000
Add:
Donation for prize fund	10,000
	65,000
Less:
Prizes distributed
	6,000
		59,000

11.

Dr In the books of Trichy Rotary club Income and Expenditure Account for the year ended 31^st March, 201 Cr
Expenditure	Rs	Income	Rs
To Rent	2,800	By Dividend received	27,600
To Secretary's honorarium	15,000	By Sale of old newspaper	3,000
To Postage	1,700	By Member's subscription	31,000
To General Expenses	4,350	By Locker rent	8,000
To Printing and stationery	45,000	By Interest on investment
To Audit fees	5,000	By Profit on sale of
		furniture (5000-4000)
		By Deficit (excess of
		expenditure over income)
	73,850		73,850

12.

Balance sheet as on 31^st March 20
Liabilities	Rs	Assets	Rs
(balancing figure)	43,550	Cash in hand	19,550
(balancing figure)		Subscription outstanding	2,000
		Furniture	15,000
		Books	7,000
	43,550		43,550

Dr Income and Expenditure Account for the year ended 31^stMarch 2 Cr
Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Salary	3,000		By Subscriptions	26,500
Add: Outstanding	600	3,600	Add: Outstanding for 2015-16	1,700	28,200
To Newspapers		2,050	By Sale of old newspaper		1,250
To Rent		6,800	By Interest on fixed deposit	450
Add: Outstanding	1,200	8,000	Add: Accrued interest	900	1,350
To Loss on sale of
furniture (7000 - 5700)		1,300
To Surplus		24,850
(Excess of income over
expenditure)
		40,800			40,800

Balance sheet as on 31^st March, 2016
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Salary outstanding		600	Cash in hand		11,200
Rent outstanding		1,200	Subscription outstanding
Subscription			for 2014 - 15	800
received in advance		500	(2000 - 1200)
Capital fund	43,550		for 2015 - 16	1,700	2,500
Add: Surplus	24850	68,400	Fixed depo		20,000
			Accrued interest on fixed
			deposit		900
			Furniture (15000-7000 + 10,500		18,500
			Books (7,000 + 10,600		17,600
		70,700			70,700

13.

Balance Sheet as on 31^st March, 2016
Liabilities	Rs.	Rs	Assets	Rs.
subscription in advance		24,000	Cash in hand	12,000
Out standing expenses		40,000	Cash at bank	8,000
Capital fund	1,76,000		Books	16,000
(balanceing figure)			Billiard Table	24,000
Add:Surplus	20,000	1,96,000	Furniture	30,000
			Investment	30,000
			Prepaid expenses	20,000
			Building	1,00,000
			Subscription accrued	20,000
	2,60,000			2,60,000

14.

Dr In the books of Cricket club Income and Expenditure Account for the year ending 31.3.2 Cr
Expenditure	Rs.	Rs.	Income	Rs.	Rs
To Salaries	2,000		By Subscriptions		10,400
			By Donation		2,000
Add: Outstanding	1,500	3,500	By Entrance fees		500
To Telephone charges		300	(50% of 1000)
To Electricity charges		600	By Bank interest	450
To Entertainment expenses	900		Add: Outstanding interest	150	600
			By Interest on investment		200
Add: Outstanding expense	500	1,400	By Hall rent		300
To Miscellaneous expenses		600
To Depreciation on furniture		375
To Surplus (Excess of income		7,075
over expenditure)
		14,000			14,000

15.

In the books of clean Delhi club Income and Expenditure Dr Account for the year ending March 31^st, 2017 Cr
Expenditure	Rs.	Income	Rs.
To Salary	1,500	By Subscriptions	22,500
To Rent	800	By Entrance fees	1,250
To Electricity	3,500	By Donation	2,500
To Printing & Stationery	380
To Surplus
(Excess of income over
expenditure)
	27,000		27,000