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Accounts of Not-For-Profit Organisation Book Back Questions
12th Standard
Reg.No. :
Accountancy
Time :
00:45:00 Hrs
Total Marks :
30
5 x 1 = 5
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
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
Legacy is a
(a)
Revenue expenditure
(b)
Capital expenditure
(c)
Revenue receipt
(d)
Capital receipt
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
3 x 2 = 6
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, 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.
State the meaning of not–for–profit organisation
3 x 3 = 9
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
How will the following items appear in the final accounts of a club for the year ending 31st 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.
How annual subscription is dealt with in the final accounts of not–for–profit organisation?
2 x 5 = 10
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 following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31st March 2016, prepare income and expenditure account for the year ending 31st 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 31st March, 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 1st 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.
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