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CH 1 Paper OLD

1. The document contains a practice test on accounts for non-profit organizations. It includes 12 multiple choice questions covering topics like sources of funds for NPOs, accounts prepared by NPOs, treatment of specific donations, and preparation of financial statements for an NPO. 2. The practice test questions cover concepts like not-for-profit organizations, subscriptions received in advance, treatment of donations in financial statements, preparation of income and expenditure account and balance sheet, and calculation of expenses from inventory and creditor balances. 3. The final two questions provide additional financial information and ask to prepare the income statement and balance sheet for a social club based on the receipts and payments account and additional details provided.

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Maulik Thakkar
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70 views3 pages

CH 1 Paper OLD

1. The document contains a practice test on accounts for non-profit organizations. It includes 12 multiple choice questions covering topics like sources of funds for NPOs, accounts prepared by NPOs, treatment of specific donations, and preparation of financial statements for an NPO. 2. The practice test questions cover concepts like not-for-profit organizations, subscriptions received in advance, treatment of donations in financial statements, preparation of income and expenditure account and balance sheet, and calculation of expenses from inventory and creditor balances. 3. The final two questions provide additional financial information and ask to prepare the income statement and balance sheet for a social club based on the receipts and payments account and additional details provided.

Uploaded by

Maulik Thakkar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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HARSHIT DOSHI COMMERCE CLASS

ACCOUNTS, Chapter 1, 30 Marks


1.       A not for profit organisation includes:
a)            Religious Organisations c)            Clubs
b)            Trade unions d)            All of the Above
2.      In a NPO, membership paid every year is known as:
a)      Entrance fees c)            Subscription
b)            Legacy d)            Donation
3.      Which of the following is not a source of funds for NPOs:
a)            Grants in aid c)            Sale of goods
b)            Legacy d)            Income from investments
4.      A not for profit organisation prepares:
a)         Receipts &PaymentsA/c c)         Income and Expenditure
b)         Trading Account. Account.
d) Both a and c
5.      An Income and Expenditure Account reveals:
a)        Cash position. c)        Capital Fund.
b) Surplus or Deficit d)        None of the above.
6.      Donation received for a specific purpose is
a)         Credited to Income and Expenditure Account.
b) Credited to a Specific Fund Account
c)         Credited to the Capital Fund Account.
d)         None of the above.
7.      Subscription received in advance is
a)         An asset account.
b) A Liability Account
c)         An income.
d)         An expenses.

8. From the following information, prepare Subscription Account for the year ending 31st
March, 2020:3
31st March, 2019  31st March, 2020
Particulars ( ₹) ( ₹)

Subscription in Arrears 20,000 18,000


 Subscription in Advance 13,000 11,000

In the year ending 31st March, 2020, subscription received were ₹ 2,10,000

9. How the following items for the year ended 31st March, 2019 will be presented in the
financial statements of Aisko Club?3
 
Particulars Dr. ₹ Cr. ₹
 
Tournament Fund 1,50,000 1,50,000
Tournament Fund Investments    
Income from Tournament Fund Investments   18,000
Tournament Expenses 12,000  
 
Additional Information:
Interest Accrued on Tournament Fund Investments ₹ 6,000.
10. On the basis of information given below, calculate the amount of medicines to be
debited to the Income and Expenditure Account of Good Health Hospital for the year
ended 31st March, 2021:3  
    31st March,
1st April, 2020 2021
Particulars ( ₹) ( ₹)
Stock of Medicines 1,75,750 1,44,650
Creditors for Medicines 15,06,900 18,20,700

Medicines purchased during the year ended 31st March, 2021 were ₹ 60,80,700.

11. From the following information, prepare Receipts and Payments Account of Long-
town Sports Club for the year ending 31st March, 2021:6
 

Particulars (₹) Particulars (₹)

Opening Balance:   Charity Given 10,000

Cash in Hand 50,000 Match Expenses 30,000

Cash at bank 60,000 Salaries 63,600

Subscription Received:   Honorarium 4,000

2019-20 4,000 12% Investment Purchased 60,000

2020-21 1,40,000 Entrance Fees 4,000

2021-22 8,000 Interest on 12% Investments 6,000

Furniture Purchased 70,000 Closing Balance:  

General Donations 20,000 Cash in Hand 24,000


Donations for
Tournament 40,000 Cash at Bank ?

12. From the following Receipts and Payments Account of Social Club and the
information supplied, prepare Income and Expenditure Account for the year ended 31st
March, 2021 and Balance Sheet as at that date:8
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March ,2021
Dr.     Cr.
Receipts ( ₹) Payments ( ₹)
To Balance b/d   7,000 By Salaries 28,000
To Subscriptions:     By General Expenses 6,000
2019-20 5,000   By Electricity Charges     4,000
2020-21 20,000   By Books 10,000
2021-22 4,000 29,000 By Newspaper 8,000
To Hire of Ground 14,000 By Balance c/d 4,000
To Surplus from
Entertainment Events   8,000    
To Sale of Old Newspaper 2,000    
       
60,00 60,00
  0   0
       
(a) The club has 50 member each paying an annual subscription of ₹500. Subscriptions
Outstanding on 31st March, 2018 were ₹6,000.
(b) On 31st March, 2021, Salaries Outstanding amounted to ₹2,000. Salaries paid in the
year ended 31st March, 2021 included ₹6,000 for the year ended 31st March, 2020.
(c) On 1st April, 2020, the club owned Building valued at ₹2,00,000; Furniture ₹20,000
and Books ₹20,000.
(d) Provide depreciation on Furniture at 10%.

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