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12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - II

12th Standard English Medium Accountancy Subject Accounts of Not-For-Profit Organisation Creative 5 Mark Questions with Solution Part - II

12th Standard

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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25

  1. 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

  2. From the following balances prepare a balance sheet as on 31st1March 2016.

    Rs
    Cash in hand 12,000
    Cash at bank 8,000
    Books 16,000
    Billiard Table 24,000
    Furniture 30,000
    Investment 30,000
    Prepaid expenses 20,000
    Building 1,00,000
    Outstanding expenses 40,000
    Subscription received in advance 24,000
    Subscription accrued 20,000
    Surplus (Income over  
    expenditure) 20,000

  3. Following is the receipts and payments accounts of Literacy club for the year ended 31st March 2016

    Receipts Rs. Rs. Payments Rs.
    To Balance c/d   19,550 By Salary 3,000
          By News papers 2,050
    To Subscribtions     By Electricity bill 1,000
    2014·2015 1,200   By Fixed deposit 20,000
    2015·2016 26,500   (on 1st July, 2015 @  
      500   9% per annum  
        28,200 By Books 10,600
          By Rent 6,800
    To slae old news paper   1,250 By Furniture 10,500
    To Government grants   10,000 By Balance dd 11,200
    To sale of old furniture   5,700    
    (book value Rs.7,000)        
    To interest on fixed deposits   450    
        65,150   65,150

    Additional information:
    (i) Subscription outstanding as on 31st March, 2015 were Rs. 2000 and on 31st March, 2016 Rs. 2,500.
    (ii) On 31st March, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
    (iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31st March 2016 and as certain capital fund on 31st March, 2015. Also prepare a balance sheet as on 31st March, 2016.

  4. 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

  5. How will the following items appear in the final accounts of sports club.

    Particulars Rs
    Stock of sports materials (1.4.2019) 3,000
    Sports materials purchased during  
    current year 9,000
    Sale of old sports materials during  
    current year 500
    Stock of sports materials (31.3 .20 19) 4,000

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