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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
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
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
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
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
1 x 2 = 2
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.
1 x 1 = 1
(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
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(ii) and (hi) are correct
1 x 2 = 2
(a)
Subscription
-
Revenue receipts
(b)
Dividend
-
Revenue payments
(c)
Legacies
-
Capital receipts
(d)
Rent paid
-
Revenue payments
1 x 1 = 1
(a)
Entrance fees
-
Capital payments
(b)
Sale of fixed assets
-
Revenue receipts
(c)
Entertainment expenses
-
Revenue payments
(d)
Investmen
-
Capital receipts
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
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
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.
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
Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance what does it mean?
5 x 3 = 15
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
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
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.
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
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.
3 x 5 = 15
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
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 particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31st December, 2018
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