New ! Accountancy MCQ Practise Tests



  1. Home
  2. 12th Standard
  3. Accountancy
  4. 12th Accountancy - Accounts of Not-For-Profit Organisation Practice Question Paper

Updated 12th Standard Accountancy Study Materials 2024 - 2025Exams

12th Accountancy - Accounts of Not-For-Profit Organisation Practice Question Paper Question Bank Software Jan-04 , 2020

Accounts of Not-For-Profit Organisation

12th Accountancy - Accounts of Not-For-Profit Organisation Practice Question Paper

Accounts of Not-For-Profit Organisation Practice Question Paper

12th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    4 x 1 = 4

  1. Subscription due but not received for the current year is

    (a)

    An asset

    (b)

    A liability

    (c)

    An expense

    (d)

    An item to be ignored

  2. Which of the following is to be recorded in an income and expenditure account?

    (a)

    Purchase of a fixed asset

    (b)

    Capital expenditure incurred on a fixed asset

    (c)

    Profit on the sale of a fixed asset

    (d)

    Sale of a fixed asset

  3. Some organisations are established for the purpose of rending services to the public without __________

    (a)

    any profit motive

    (b)

    any service motive

    (c)

    both

    (d)

    none of these

  4. Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent _________

    (a)

    Expense

    (b)

    Liabilities

    (c)

    Equity

    (d)

    Asset

    5. 1 x 2 = 2

  5. Assertion (A) : Life membership fee is nonrecurring in nature.
    Reason (R) : Admission fee is a fee collected from every member only once at the time of his or her Admission into the organization.
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A)
    (c) (A) is true but (R) is false.
    (d) (A) is false but (R) is true.

    6. 1 x 1 = 1

  6. (i) Capital fund also called as general fund or accumulated fund is taken to the assets side.
    (ii) The total of debit balances will be equal to the total of credit balances.
    (iii) Revenues, gains and liabilities will have credit balance.
    (a) (i) is correct
    (b) (ii) and (iii) are correct
    (c) (ii) is correct
    (d) (i), (ii) and (iii) are correct

    A PHP Error was encountered

    Severity: Warning

    Message: A non-numeric value encountered

    Filename: material/details.php

    Line Number: 1002

    ()

    (ii) and (hi) are correct

    7. 1 x 2 = 2
  7. (a) Subscription - Revenue receipts
    (b) Dividend - Revenue payments
    (c) Legacies - Capital receipts
    (d) Rent paid - Revenue payments
    8. 1 x 1 = 1
  8. (a) Entrance fees - Capital payments
    (b) Sale of fixed assets  - Revenue receipts
    (c) Entertainment expenses - Revenue payments
    (d) Investmen - Capital receipts
    9. 5 x 2 = 10

  9. 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

  10. How will the following items appear in the final accounts of a sports club?

    Particulars Rs.
    Stock of sports materials (01.04.2018) 3,000
    Sports materials purchased during current year 9,000
    Sale of old sport materials during current year 500
    Stock of sports materials (31.03.2019) 4,000

  11. How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of Rs. 40,000 during the year 2016-17. This includes subscription of Rs. 5,000 for 2015 - 16 and Rs. 3,000 for the year 2017-18. Subscription of 1,000 is still outstanding for the year 2016 - 17.

  12. Compute capital fund of Salem Sports Club as on 1.4.2019.

    Particulars Rs. Particulars Rs.
    Sports equipment 30,000 Prize fund 10,000
    Computer 25,000 Prize fund investments 10,000
    Subscription outstanding for 2018-19 5,000 Cash in hand 7,000
    Subscription received in advance for
    2019-20    		 8,000 Cash at bank 21,000

  13. Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

    14. 5 x 3 = 15

  14. From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31st 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

  15. From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31st March, 2018 and also show how it will appear in the Balance Sheet as on 31st March, 2018.

    Particulars Amt(Rs.)
    Amount paid for stationery during 2017- 2018 Rs.1,500
    Stock of stationery on 1st April, 2017 Rs.300
    Stock of stationery on 31st March, 2018 Rs.200

  16. From the following receipts and payments account and the additional information given below, calculate the amount of subscription to be shown in Income and expenditure account for the year ending 31st December, 2018

    Receipts Rs. Rs. Payments Rs.
    To Subscription        
    2017 28,000      
    2018 1,72,000      
    2019 12,000 2,12,000    
             

    Additional information: Subscription outstanding for the year 2018 is Rs. 8,000.

  17. 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

  18. 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.

    19. 3 x 5 = 15

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

    Particulars Rs. Particulars Rs. Rs.
    Opening cash balance as on 1.4.2017 10,000 Subscriptions received    
    Opening bank balance as on 1.4.2017 15,000 2016 – 2017 4,500  
    Interest paid 5,000 2017 – 2018 65,000  
    Depreciation 7,000 2018 – 2019 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

  20. 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    

  21. From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31st December, 2018

    Particulars Rs Particulars Rs
    Opening balance as on 1.1.2018 20,000 Lockers 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 receive 10,000

*****************************************

Reviews & Comments about 12th Accountancy - Accounts of Not-For-Profit Organisation Practice Question Paper

Write your Comment