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12th Accountancy Monthly Test -4 ( Accounts of not–for–profit organisation )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Monthly Test -4 ( Accounts of not–for–profit organisation )-Aug 2020

Time : 2.00 Hours

Part - A

Generic 2 - Answer All Question

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

State the meaning of not–for–profit organisation

Write a short note on life membership fees.

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

Telephone expenses 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

What is receipts and payments account?

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 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 particulars of Vellore Recreation Club, prepare Receipts and Payments
account for the year ended 31st March, 2017.

Particulars Rs. Particulars Rs.

Opening cash balance as on 1.4.2016 3,000 Receipts from entertainment 20,000

Opening bank balance as on 1.4.2016 12,000 Admission fees received 1,000

Furniture purchased 11,000 Municipal taxes 22,000

Sports equipment purchased 11,000 Expenses of charity show 2,000

Donation received for pavilion 8,000 Billiards table purchased 15,000

Sale of old tennis balls 1,500 Construction of new tennis court 18,000

Newspapers bought 500 Receipts from charity show 2,500

Travelling expenses 4,500 Closing balance of cash in hand 8,000

Give four examples for revenue receipts of not–for–profit organisation.

From the following Receipts and Payment Account of Trichy Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018.d

Receipts Rs. Payments Rs.

To Opening balance By Furniture purchased 10,000

Cash in hand 11,000 By Rent 2,800

To Dividend received 27,600 By Secretary's honorarium 15,000

To Sale of old newspaper 3,000 By Postage 1,700

To Members’ subscription 31,000 By General expenses 4,350

To Locker rent 8,000 By Printing and Stationery 45,000

To Interest on investments 1,250 By Audit fees 5,000

To Sale of furniture 5,000 By Closing balance

(Book value Rs. 4,400) Cash in hand 3,000

86,850 86,850

Part - B

Generic 3 - Answer All Question

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

What is income and expenditure account?

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 annual subscription is dealt with in the final accounts of not–for–profit organisation?

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.

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 differences between Receipts and Payments Account and Income and Expenditure Account

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

How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

Dr. Receipts and Payments Account for the year ended 31st March, 2019 Cr.

Receipts Rs. Rs. Payments Rs.

To Subscription

2017-2018 5,000

2018-2019 48,000

2019-2020 3,000 56,000

There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

How the following items are dealt with in the final accounts of not–for–profit organisation?
a) Sale of sports materials
b) Life membership fees
c) Tournament fund

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