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12th Accountancy Weekly Test -3 ( Accounts of not–for–profit organisation )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -3 ( Accounts of not–for–profit organisation )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

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

Rs.50,000
Rs.50,200
Rs.49,900
Rs.49,800

Balance of receipts and payments account indicates the

Loss incurred during the period
Excess of income over expenditure of the period
Total cash payments during the period
Cash and bank balance as on the date

Donations received for a specific purpose is

Revenue receipt
Capital receipt
Revenue expenditure
Capital expenditure

Subscription due but not received for the current year is

An asset
A liability
An expense
An item to be ignored

Receipts and payments account is a

Nominal A/c
Real A/c
Personal A/c
Representative personal account

Which of the following should not be recorded in the income and expenditure account?

Sale of old news papers
Loss on sale of asset
Honorarium paid to the secretary
Sale proceeds of furniture

Legacy is a

Revenue expenditure
Capital expenditure
Revenue receipt
Capital receipt

Receipts and payments account records receipts and payments of

Revenue nature only
Capital nature only
Both revenue and capital nature
None of the above

Income and expenditure account is a

Nominal A/c
Real A/c
Personal A/c
Representative personal account

Income and Expenditure Account is prepared to find out

Profit or loss
Cash and bank balance
Surplus or deficit
Financial position

Part - B

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

What is legacy?

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

Part - C

Generic 3 - Answer All Question

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.

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 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

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.

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

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.

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