12th Standard Accountancy Unit 2 Accounts of Not-For-Profit Organisation Book Back Questions | QB365

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12th Standard Accountancy Unit 2 Accounts of Not-For-Profit Organisation Book Back Questions

Published on: 31/08/2019

Accounts of Not-For-Profit Organisation

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Questions:

Generic 3

5 x 3 = 15

How annual subscription is dealt with in the final accounts of not–for–profit organisation?

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.16,000 which includes Rs. 3,000 for 2017 and Rs. 5,000 for 2019.
Subscription outstanding for the year 2018 is Rs. 4,000. Subscription of Rs.2,000 was received in advance for 2018 in the year 2017.

How will the following items appear in the final accounts of a club for the year ending 31^st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

From the following Receipts and Payment Account of Ooty Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018

Receipts	Rs.	Payments	Rs.
To Opening balance		By Sports materials purchased	10,000
Cash in hand	5,000	By Stationery paid	7,000
To Rent received	10,000	By Computer purchased	25,000
To Sale of investments	8,000	By Salaries	20,000
To Subscription received	54,000	By Closing balance
		Cash in hand	15,000
	77,000		77,000

From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash balance as on 1.4.2018	18,000	Building purchased	2,10,000
Rent paid	6,000	Staff salary	55,000
Scholarship given	15,200	Subscription received	2,65,000
Entrance fees received	18,500

Generic 5

2 x 5 = 10

From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31^st March 2016, prepare income and expenditure account for the year ending 31^st March, 2016 and a balance sheet as on that date.

In the books of Coimbatore Cricket Club Receipts and Payments Account for the year ending 31^stMarch, 2016
Receipts	Rs.	Payments	Rs.
To Balance b/d:		By Maintenance	5,000
Cash at bank	8,000	By Furniture	15,000
To Subscriptions	11,000	By Tournament expenses	1,400
To Sale of old bats and balls	100	By Secretary’s honorarium	4,500
To Subscription for tournament	2,000	By Bats and balls	7,400
To Legacies	20,000	By Balance c/d:
		Cash at bank	7,800
	41,100		41,100

Additional information:
On 1^st April, 2015 the club had stock of balls and bats Rs. 3,000 and an advance subscription of Rs. 500. Surplus on account of tournament should be kept in reserve for permanent pavilion.Subscription due on 31.03.2016 was Rs. 2,000. Stock of bats and balls on 31.3.2016 was Rs. 1,000.

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

Particulars	Rs.	Particulars	Rs.
Opening cash in hand as on 1.4.2018	5,000	Subscriptions received	20,000
Bank overdraft as on 1.4.2018	4,000	Repairs and renewals	2,500
Printing and stationery	1,500	Conveyance paid	2,750
Interest paid	3,250	Books purchased	10,000
Sale of investments	1,000	Insurance premium paid	4,000
Purchase of refreshments	1,500	Sundry receipts	750
Outstanding salary	2,000	Government grants received	6,000
Endowment fund receipts	2,000	Sale of refreshments	1,500
Lighting charges	1,300	Depreciation on buildings	2,000
		Cash at bank on 31.03.2019	2,000

Multiple Choice Question

5 x 1 = 5

There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

(a)

Rs. 50,000

(b)

Rs. 50,200

(c)

Rs. 49,900

(d)

Rs. 49,800

Donations received for a specific purpose is

(a)

Revenue receipt

(b)

Capital receipt

(c)

Revenue expenditure

(d)

Capital expenditure

10.

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

11.

Which of the following should not be recorded in the income and expenditure account?

(a)

Sale of old news papers

(b)

Loss on sale of asset

(c)

Honorarium paid to the secretary

(d)

Sale proceeds of furniture

12.

Income and Expenditure Account is prepared to find out

(a)

Profit or loss

(b)

Cash and bank balance

(c)

Surplus or deficit

(d)

Financial position

Generic 2

1 x 2 = 2

13.

State the meaning of not–for–profit organisation

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Answers Key:

Generic 3

5 x 3 = 15

(A) Treatment in income and Expenditure account:
When subscription received for the current year, previous years and subsequent period are given separately, subscription received for the current year will be shown on the credit side of Income and Expenditure
Account after making the adjustments given below:
(i) Subscription outstanding for the current year is to be added.
(ii) Subscription received in advance in the previous year which is meant for the current year, is to be added.When 'total subscription received during the current year is given, that total subscriptions received during the current year will be shown on the credit side of Income and Expenditure Account after making the following-adjustments: (i) Subscription outstanding in the previous year which is received in the current year will be subtracted. Subscription outstanding for the current year is added.
(iii) Subscriptions received in advance in the previous year which is meant for the current year, is added and subscriptions received in advance in the current year which is meant for the subsequent year must be subtracted.
(B) Treatment in Balance Sheet
(i) Subscriptions outstanding for the current year and still outstanding for the previous year will be shown on the assets side of the balance sheet.
(ii) Subscriptions received in advance in the current year will be shown on the liabilities side of the balance sheet.

Dr. Income and Expenditure Account for the year ended 31st December, 2018 Cr
Income	Rs.	Rs.
By Subscription received during the year	16,000
Less: Subscription received for 2017	3,000
	13,000
Less: Subscription received for 2019	5,000
	8,000
Add: Subscription due for 2018	4,000
	12,000
Add: Received in advance in 2017 for 2018	2,000	14,000

(b) Treatment of consumable items such as sports materials, stationery items, medicines, etc.
(i) Consumable items such as sports materials, stationery, medicines, etc., consumed during the year will appear on the debit side of income and expenditure account.
(ii) Consumption = Opening stock + Purchases during the current year - Closing stock
(iii) Closing stock will appear on the assets side of the balance sheet as at the end of the year.
(iv) If there is any sale of old sports materials, etc., that will be shown on the credit side of income and expenditure account or can be subtracted from the respective items consumed on the debit side of income and expenditure account.

Dr. Income and Expenditure Account for the year ended 31^st March, 2017 Cr
Income	Rs.	Rs.
By Subscription	25,000
Less: Subscription for the year 2015-16	2,000
	23,000
Less: Subscription for the year 2017-18	1,500
	21,500
Add: Outstanding subscription for the year 2016-17	500	22,000

Balance sheet as on 31^st March, 2017
Liabilities	Rs.	Assets	Rs.
Subscription received in advance for the year 2017-18	1,500	Outstanding subscription for the year 2016-2017	500

In the books of Ooty Recreation Club

Dr. Income and Expenditure Account for the year ended 31st March, 2018 Cr
Expenditure	Rs.	Income	Rs.
To Sports materials purchased	10,000	By Rent received	10,000
To Stationery paid	7,000	By Subscription received	54,000
To Salaries	20,000
To Surplus	27,000
(Excess of income over expenditure)
	64,000		64,000

Dr. Receipts and Payments Account for the year ended
31^st March, 2019 Cr
Receipts	Rs.	Payments	Rs.
To Balance b/d		By Rent paid	6,000
Cash in hand	18,000	By Scholarship given	15,200
To Entrance fees	18,500	By Building purchased	2,10,000
To Subscription received	2,65,000	By Staff salary	55,000
		By Balance c/d
		Cash in hand	15,300
	3,01,500		3,01,500

Generic 5

2 x 5 = 10

To find the opening capital fund, opening balance sheet should be prepared.

In the books of Coimbatore Cricket Club Balance sheet as on 31^st March, 2015
Liabilities	Rs.	Assets	Rs.
Capital fund	10,500	Stock of balls and bats	3,000
(Balancing figure)		Cash at bank	8,000
Subscription received in advance	500
	11,000		11,000

Dr. Income and Expenditure Account for the year ended 31st March, 2016 Cr.
Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Maintenance		5,000	By Subscriptions	11,000
To Secretary’s honorarium		4,500	Add: Received in advance
To Bats and balls	7,400		in 2014-15 for 2015-16	500
Add: Opening stock	3,000			11,500
	10,400		Add: Outstanding for 2015-16	2,000	13,500
Less: Closing stock	1,000	9,400	By Sale of old bats and balls		100
			By Excess of expenditure
			over income (deficit)		5,300
		18,900			18,900

Balance sheet as on 31^st March, 2016
Liabilities	Rs.	Rs.	Assets	Rs.
Capital fund	10,500		Furniture	15,000
Less : Excess of expenditure			Stock of balls and bats	1,000
over income (deficit)	5,300	5,200	Subscriptions outstanding	2,000
Reserve for Pavilion Fund			Cash at bank	7,800
Subscriptions for tournament	2,000
Less: Tournament Expenses	1,400	600
Legacies		20,000
		25,800		25,800

In the books of Poompuhar Literary Association
Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr
Receipts	Rs.	Payments	Rs.
To Balance b/d		By Balance b/d
Cash in hand	5,000	Bank overdraft	4,000
To Sale of investments	1,000	By Printing and stationery	1,500
To Endowment fund receipts	2,000	By Interest paid	3,250
To Subscriptions received	20,000	By Purchase of refreshments	1,500
To Sundry receipts	750	By Lighting charges	1,300
To Government grants received	6,000	By Repairs and renewals	2,500
To Sale of refreshments	1,500	By Conveyance paid	2,750
		By Books purchased	10,000
		By Insurance premium paid	4,000
		By Balance c/d
		Cash at bank	2,000
		Cash in hand	3,450
	36,250		36,250

Note: As outstanding salary and depreciation are non-cash items, both are to be excluded inreceipts and payments account.

Multiple Choice Question

5 x 1 = 5

(a)
Rs. 50,000

(b)
Capital receipt

10.

(d)
Capital receipt

11.

(d)
Sale proceeds of furniture

12.

Generic 2

1 x 2 = 2

13.

(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.