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Accounts of Not-For-Profit Organisation Important Questions
12th Standard
Reg.No. :
Accountancy
Time :
01:00:00 Hrs
Total Marks :
50
5 x 1 = 5
Receipts and payments account is a
(a)
Nominal A/c
(b)
Real A/c
(c)
Personal A/c
(d)
Representative personal account
Income and expenditure account is a
(a)
Nominal A/c
(b)
Real A/c
(c)
Personal A/c
(d)
Representative personal account
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
Donations received for a specific purpose is
(a)
Revenue receipt
(b)
Capital receipt
(c)
Revenue expenditure
(d)
Capital expenditure
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
5 x 2 = 10
From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31st March, 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
Compute income from subscription for the year 2018 from the following particulars relating to a club
Particulars
1.1.2018
Rs.
31.12.2018
Rs.
Outstanding subscription
10,000
7,000
Subscription received in advance
3,000
5,000
Subscription received during the year 2018: Rs.1,50,000
Give four examples for capital receipts of not–for–profit organisation.
Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.
Distinguish between income and expenditure account and profit and loss account
5 x 3 = 15
From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31st 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
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
How will the following appear in the final accounts of Vedaranyam Sports club?
Rs.
Opening stock of bats and balls
3,000
Purchase of bats and balls during the year
17,000
Sale of old bats and balls
2,000
Closing stock of bats and balls
4,000
Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.
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.
4 x 5 = 20
From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31st 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
From the information given below, prepare Receipts and Payments account of Madurai Mother Theresa Mahalir Mandram for the year ended 31st December, 2018
Particulars
Rs.
Particulars
Rs.
Cash balance as on 1.1.2018
2,000
Fire Insurance premium paid
1,500
Bank balance as on 1.1.2018
3,000
Subscription received
8,500
Sale of old newspapers
500
Furniture purchased
6,000
Stationery purchased
6,000
Purchase of newspapers
700
Audit fees paid
2,000
Depreciation on furniture
900
Entrance fees received
3,000
Cash balance as on 31.12.2018
2,500
Sundry charges
6,000
Conveyance paid
1,000
Scholarships given
2,000
Sale of furniture
4,000
Interest on investments
2,000
From the following Receipt and Payment Account for the year ending 31st March 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
From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31st, 2015 and Balance sheet.
Dr Receipt and Payment Account for the year ending March 31, 2015 Cr
Receipts
Rs
Payments
Rs
Subscription:
2013-14 7,000
2014-15 30,000
2015-16 5,000
42,000
Additional Information:
(i) Subscriptions outstanding March 31, 2014 Rs. 8,500
(ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
(iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.
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