12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - II updated Book back Questions | QB365

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12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Book Back 3 Mark Questions with Solution Part - II updated Book back Questions

Published on: 13/05/2022

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Std: 12th Standard - Accountancy

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Questions:

Generic 3

3 x 3 = 9

How the following items are dealt with in the final accounts of not–for–profit organisation?
a) Sale of sports materials
b) Life membership fees
c) Tournament fund

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 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

2 x 5 = 10

State the differences between Receipts and Payments Account and Income and Expenditure Account

Compute capital fund of Karur Social Club as on 31.03.2018

Particulars as on 31.03.2018	Rs.
Furniture	50,000
Buildings	40,000
Subscription outstanding for 2017-18	10,000
Subscription received in advance for 2018-19	5,000
Loan borrowed	10,000
Investments	20,000
Cash in hand	4,000
Cash at bank	6,000

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Answers Key:

Generic 3

3 x 3 = 9

(a) Sale of sports materials :
(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) Opening stock + the current year - Consumption Purchases during 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.
(b) Life membership fees:
Amount received towards life membership fee from members is a capital receipt as it is nonrecurring in nature.
(c)Tournament fund : If there are any specific funds such as tournament fund, prize fund, etc., these funds should be shown on the liabilities side of the balance sheet separately.

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

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

2 x 5 = 10

S.NO.	Basis	Receipts and Pa ments Account	Income and Expenditure Account
1.	Nature of account	It is a real account. Cash receipts are recorded on the debit side and cash payments are recorded on the credit side.	It is a nominal account. Expenses are recorded on the debit side and incomes are recorded on the credit side.
2.	Basis of accounting	It is based on cash system of accounting. Non-cash items are not recorded	It is based on accrual system of accounting. Non-cash items like outstanding expenses, depreciation etc. are also recorded
3.	Opening and closing balance	It commences with an opening balance of cash and bank and ends with closing balance of cash and bank.	There is no opening balance. It ends with surplus or deficit.
4.	Nature of items	It contains actual receipts and payments irrespective of revenue or capital items in nature	It contains only revenue items,that is, only revenue expenses and revenue incomes.
5.	Period	All cash receipts and payments made during the year pertaining to the past period, current period and subsequent period are recorded	It contains only the items relating to the current period

Balance sheet as on 31^st March, 2018
Liabilities	Rs.	Assets	Rs.
Capital fund	1,15,000	Buildings	40,000
(Balancing figure)		Furniture	50,000
Loan borrowed	10,000	Investments	20,000
Subscription received in advance	5,000	Subscription outstanding	10,000
		Cash at bank	6,000
		Cash in hand	4,000
	1,30,000		1,30,000