QUESTIONS ANSWER KEY TYPE-A
NEW BHARATH MATRIC HR SEC SCHOOL THIRUVARUR
UNIT TEST
Date : 08-09-2020 Time : 2.30 Hrs Roll No:
Maximum Marks: 50
Instructions:
(i) Check the question paper for fairness of printing. If there is any lack of fairness, inform the hall supervisor immediately.
(ii) Use Black or Blue ink to write and pencil to draw diagram
PART - I 25 X 2 = 50
ANSWER ALL QUESTIONS ARE IN COMPULSORY.
1. State the meaning of not-for-profit organisation.
(i) Some organisations are established for the purpose of redering services to the public without any profit motive.
(ii) They may be created for the promotion of art, culture, education, sports etc. These organisations are called not-for-profit organisation.
(iii) Charitable institutions, educational institutions, cultural societies, sports and recreation clubs, hospitals, libraries and literary associations are some of the examples of not-for-profit organisations.
1 mark 1 mark
2. What is receipts and payments account?
(i) Receipts and Payments account is a summary of cash and bank transactions of not-for-profit organisations prepared at the end of each financial year.
(ii) It is a real account in nature. The receipts and payments account begins with the opening balances of cash and bank and ends with closing balances of cash and bank.
1 mark
1 mark
3. What is legacy?
A gift made to a not-for-profit organisation by a will is called legacy.
It is a capital receipt. 2 mark
4. Write a short note on life membership fees.
Amount received towards life membership fee from members is a
capital receipt as it is non-recurring in nature. 2 mark
5. Give four examples for capital receipts of not-for-profit organisation.
(i) Life membership fee (ii) Emdowment fund (iii) Sale of fixed assets (iv) Specific donations.
1 mark
1 mark
6. Give four examples for revenue receipts of not-for-profit organisation.
(i) Interest on investment (ii) Interest on fixed deposit (iii) Sale of (old) sports materials (iv) Sale of (old) news papers.
1 mark
1 mark
7. What is Balance sheet?
A balance sheet is a statement showing the financial position of an organization. The preparation of balance sheet of a not-for-profit organization is more or less similar to that of a trading concern.
2 mark
8. From the information given below, prepare Receipts and Payments account of Kurunji Sports Club for the year ended 31st December, 2018. *
Class : 12th STD Subject:
ACCOUNTANCY Question : Type A
Particulars Rs. Particulars Rs.
Cash in hand (01.01.2018) Salaries paid
Life membership fees received Subscription received
Rent received
4,000 3,000 10,000 15,000 2,000
By Cash received By Discount allowed By Sales returns
By balance c/d (Clos. Bal)
2,500 1,000 14,000 10,500 25,000
In the books of kurunji sports club
Receipts and Payments Account for the year ended 31st December 2018
Receipts Rs. Payments Rs.
To Balance b/d Cash in hand To Life membership fees received To Subscription received
To Rent received To Lockers rent received To Tournament receipts
4,000 10,000
15,000 2,000 1,000 14,000
By Salaries paid By Printing Charges paid By Tournament expenses By Investment purchased By Balance c/d Cash in hand
3,000 2,500 10,500 25,000 5,000
46,000 46,000
2 mark
9. From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019. *
Receipts Rs. Payments Rs.
To Balance b/d Cash in hand To Interest received
To Subscription To Legacies To Entrance fees To Sale of furniture
(Book value: Rs. 17,000)
14,000 5,000 55,000 48,000 7,000 16,000
By Salaries By Rent
By Travelling expenses By Printing and stationery By Investments made
By Sports equipment purchased By Balance c/d Cash in hand
20,000 24,000 2,000 6,000 50,000 33,000 10,000
1,45,000 1,45,000
In the books of Tenkasi Thiruvalluvar Manram Income and Expenditure Account for the year ended 31st March 2019
Dr Cr
Expenditure Rs. Income Rs.
To Rent
To Travelling expenses To Salaries
To Printing and stationary To Loss on sale of Furniture To Surplus (Excess of income over expenditure)
24,000 2,000 20,000 6,000 1,000 14,000
By Interest received By Subscription By Entrance fees
5,000 55,000 7,000
67,000 67,000
2 mark
10. From the following receipts and payment account, prepare income and expenditure account of Kumbakonam Basket Ball Association for the year ended 31st March, 2018. *
Receipts Rs. Rs. Payments Rs. Rs.
To Balance b/d Cash in hand Cash in bank To Rent of hall received To Subscription received To Life membership fees To Locker rent received
23,000
12,000 35,000 6,000 9,000 7,000 2,000
By Rent of ground paid By Printing charges By Bank charges By Insurance for building By Tournament expenses By Audit fees
By Sports materials purchased By Balance c/d
Cash in hand Cash at bank
2,000 14,000
12,000 5,000 1,000 2,000 16,000 3,000 4,000
16,000
59,000
59,000
In the books of Kumbakonam Basket Ball Association Income and Expenditure Account for the year 31st, 2018
Expenditure Rs. Income Rs.
To Rent of ground To Printing Charges To Bank Charges To Tournament expenses To Audit fees
To Sports materials Purchased
To Insurance for building
12,000 5,000 1,000 16,000 3,000
4,000 2,000
By Rent of hall received By Subscription received By Locker rent received By Deficit
(Excess of expenditure over income) 6,000 9,000 2,000 26,000
43,000 43,000
2 mark
11.
From the following receipts and payments account and the additional information given below, calculate the amount of subscription to be shown in Income and expenditure account for the year ending 31st December, 2018. * Receipts Rs. Rs. Payments Rs.
To Subscription 2017 2018 2019
28,000 1,72,000 12,000
2,12,000
Additional information :Subscription outstanding for the year 2018 is Rs 8,0
Income and Expenditure Account for the year 31st December 2018
Expenditure Rs. Income Rs. Rs.
By Subscription Add:
Outstanding Subscription for 2018
1,72,000
8,000 1,80,000 2 mark
12.
Compute income from subscription for the year 2018 from the following particulars relating to a club. * Particulars 01.01.2018
Rs.
31.12.2018 Rs.
Outstanding subscription Subscription received in advance
3,000 4,000
5,000 7,000 Subscription received during the year 2018: Rs.45,00
Calculation of income from subscription for the year 2018
Particulars Rs. Rs.
Subscription received during the year 2018 Add: Subscription received for 2018 in 2017 Subscription outstanding for 2018
Less: Subscription outstanding in 2017 Subscription received in advance
Income from subscription for the year 2018
4,000 5,000
45,000
9,000 54,000
10,000 3,000
7,000
44,000
2 mark
13.
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. 50,000 which includes Rs. 5,000 for 2017 and Rs. 7,000 for 2019. Subscription outstanding for the year 2018 is Rs. 6,000. Subscription of Rs.4,000 was received in advance for 2018 in the year 2017.
Income and Expenditure Account for the year ended 31st December, 2018 Dr Cr
Expenditure Rs. Income Rs. Rs.
By Subscription received during the year Less: Subscription received for 2017
Less: Subscription received for 2019
Add: Subscription due for 2018
Add: Received in advance in 2017 for 2018
50,00 5,000
48,000 45,000
7,000 38,000 6,000 44,000 4,000
2 mark
14.
How the following items appear in the final accounts of Thoothukudi Young pioneers Association?
There are one hundred members in the association each paying Rs.25 as annual subscription.
By the end of the year 10 members had not paid their subscription but four members had paid for the next year in advance.
Income and Expenditure Account
Dr Cr Expenditure Rs. Income Rs. Rs.
Outstanding subscription (Rs.25x100)
2,500
Balance sheet
Liabilities Rs. Assets Rs.
Subscription received in advance (Rs.25x4)
100 Outstanding
Subscription (Rs.25x10)
250
1 mark
1 mark 15.
How will the following appear in the final accounts of Marthandam Women Cultural Association? * Stock of sports materials on 01.04.2018
Sports materials purchased during the year Stock of sports materials on 31.03.2019
16,000 84,000 10,000
&nbs
Income and Expenditure Account for the year ended 31st March, 2019 Dr Cr
Expenditure Rs. Rs. Income Rs.
To Sports materials consumed:
Opening stock
Add: Purchased in the current year
Less: Closing stock
16,000 84,000 1,00,000 10,000
90,000
Balance Sheet as on 31st March, 2019
Liabilities Rs. Assets Rs.
Stock of Sports materials 10,000
1 mark
1 mark
16.
How will the following appear in the final accounts of Vedaranyam Sports club? * Opening stock of bats and balls
Purchase of bats and balls during the year Sale of old bats and balls Closing stock of bats and balls
3,000 17,000 2,000 4,000
&nbs
Income and Expenditure Account of Vedaranyam sports club
Dr Cr Expenditure Rs. Rs. Income Rs.
To Stationery consumed (bat & ball)
Opening stock Add: Purchases
Less: Closing stock
3,000 17,000
16,000
By Sale of bats and balls 2,000
20,000 4,000
Balance Sheet of Vedaranyam Sports club
Liabilities Rs. Assets Rs.
Stock of bats and balls 4,000
1 mark
1 mark
17.
Show how the following items appear in the income and expenditure account of Sirkazhi Singers Association? * Stock of stationery on 01.04.2018
Purchase of stationery during the year
2,000 6,500
Income and Expenditure Account of Sirkazhi singers Association
Dr Cr Expenditure Rs. Rs. Income Rs.
To Stationery consumed:
Opening stock Add: Purchases
Less: Closing stock
2,600 6,500
6,900
2 mark
18.
Chennai Tennis club had Match fund showing credit balance of Rs. 24,000 on 1st April, 2018. Receipt to the fund during the year was Rs. 26,000. Match expenses incurred during the year was Rs. 33,000. How these items will appear in the final accounts of the club for the year ended 31st March, 2019?
Balance sheet of Chennai Tennis club as on 31st March, 2019 Liabilities Rs. Rs. Assets Rs.
Match fund
Add: Receipt the fund
Less: Match expenses
24,000 26,000
17,000 50,000
33,000
2 mark
19.
How will the following appear in the final accounts of Karaikudi sports club for the year ending 31st March, 2019? *
Particulars Rs.
Tournament fund on 1st April 2018
Tournament fund investment on 1st April 2018 Interest received on tournament fund investment Donation to tournament fund
Tournament expenses
90,000 90,000 9,000 10,000 60,000
Balance sheet of Karaikudi sports club as on 31st March, 2019 Liabilities Rs. Rs. Assets Rs.
Tournament fund
Add:Interest received on tournament fund investment
Add: Donation to tournament fund
Less: Tournament expenses
90,000
9,000 10,000
49,000
Tournament fund investment
90,000
1,09,000 60,000
2 mark
20. Can be balance in receipt and payments account be treated as income of the period?
No, as the balance in receipt and payments account is closing cash and bank balance. 2 marks
21. Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipt and payments accounts why? Give reason.
It is so because receipt and payments account is prepared on cash basis of accounting. 2 marks
22. Yuvan foundation is formed to educate and to provide jobs to unemployed women Identify the values involved.
The value involved are Respect for women and women empowerment 2 marks 23.
Youth of India sports club decided to donate Rs 50,000 and spread awarness among the people of nearby societies about cleanliness is the country under the programme "Bharat Abhiyan". Identify the value highlighted.
The value highlighted are
(i) Social responsibility towards society.
(ii) Sensitivity towards cleaner environment.
1 mark 1 mark
24. What is subscription of not-for-profit organisation?
(i) Not-for-profit organisations usually correct subscripton periodically from their member.
(ii) These may be collected monthly, quaterly, half-yearly or yearly (iii) All these subscription are revenue receipt
2 marks
25. What is subscription of not-for-profit organisation?
(i) Not-for-profit organisations usually correct subscripton periodically from their member.
(ii) These may be collected monthly, quaterly, half-yearly or yearly (iii) All these subscription are revenue receipt
2 marks
