Acconting Not for Profit Organization- Revision test, Accounting Notes

: Acconting Not for Profit Organization- Revision test, Accounting Notes

 Page 1


 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION 
14
th
 DEC’ 13 
TIME – 1 Hr. 30 Min            SET – 1               MM: 21 
Q 1: As per Receipt and Payment Account for the year ended on March 31, 2006, the 
subscriptions received were Rs. 2, 50, 000. Additional information given is as follows: 
1. Subscriptions Outstanding on 1. 4. 2005 Rs. 50, 000. 
2. Subscriptions Outstanding on 31. 3. 2006 Rs. 35, 000. 
3. Subscriptions Received in Advance as on 1. 4. 2005 Rs. 25, 000. 
4. Subscriptions received in Advance as on 31. 3. 2006 Rs. 30, 000. 
Ascertain the amount of Income from subscriptions for the year 2005 – 06 and shown 
how relevant items of subscriptions appear in opening and closing balance sheets.   3 
 
Q 2: Find out the cost of medicines consumed during 2005 – 06 from the following 
information-          3 
Details Amount Rs. 
Payment for purchase of medicines 
Creditors for medicines purchased: On 1.4.2005 
 On 31.3.2006 
Stock of Medicines: On 1.4.2005 
 On 31.3.2006 
Advance to suppliers of medicines: On 1.4.2005 
 On 31.3.2006 
3, 70, 000 
    25, 000 
    17, 000 
    62, 000 
    54, 000 
    11, 500 
    18, 200 
 
Q 3: Extracts of Receipts and Payments Account for the year ended March 31, 2007 are 
given below: 
Receipts Amt. Rs. Payments Amt. Rs. 
Subscriptions: 
2005 – 06 
2006 – 07 
2007 – 08 
 
  3, 000 
96, 000 
  2, 500 
  
 Amt. Rs. 
Subscription outstanding as on March 31, 2006 
Total Subscription outstanding as on March 31, 2007 
Subscription received in advance as on March 31, 2006 
  5, 000 
12, 000 
  2, 800 
Page 2


 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION 
14
th
 DEC’ 13 
TIME – 1 Hr. 30 Min            SET – 1               MM: 21 
Q 1: As per Receipt and Payment Account for the year ended on March 31, 2006, the 
subscriptions received were Rs. 2, 50, 000. Additional information given is as follows: 
1. Subscriptions Outstanding on 1. 4. 2005 Rs. 50, 000. 
2. Subscriptions Outstanding on 31. 3. 2006 Rs. 35, 000. 
3. Subscriptions Received in Advance as on 1. 4. 2005 Rs. 25, 000. 
4. Subscriptions received in Advance as on 31. 3. 2006 Rs. 30, 000. 
Ascertain the amount of Income from subscriptions for the year 2005 – 06 and shown 
how relevant items of subscriptions appear in opening and closing balance sheets.   3 
 
Q 2: Find out the cost of medicines consumed during 2005 – 06 from the following 
information-          3 
Details Amount Rs. 
Payment for purchase of medicines 
Creditors for medicines purchased: On 1.4.2005 
 On 31.3.2006 
Stock of Medicines: On 1.4.2005 
 On 31.3.2006 
Advance to suppliers of medicines: On 1.4.2005 
 On 31.3.2006 
3, 70, 000 
    25, 000 
    17, 000 
    62, 000 
    54, 000 
    11, 500 
    18, 200 
 
Q 3: Extracts of Receipts and Payments Account for the year ended March 31, 2007 are 
given below: 
Receipts Amt. Rs. Payments Amt. Rs. 
Subscriptions: 
2005 – 06 
2006 – 07 
2007 – 08 
 
  3, 000 
96, 000 
  2, 500 
  
 Amt. Rs. 
Subscription outstanding as on March 31, 2006 
Total Subscription outstanding as on March 31, 2007 
Subscription received in advance as on March 31, 2006 
  5, 000 
12, 000 
  2, 800 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
Calculate the amount of subscription to be shown on the income side of Income and 
Expenditure Account and show the relevant data in the balance sheet as on 31
st
 
March, 2006 – 2007.         3 
 
Q 4: Following is the Receipt and Payment Account of Indian Sports Club for the year 
ended 31.12.2006: 
Receipts Amount Rs. Payments Amount Rs. 
Balance b/d 
Subscriptions 
Entrance Fee 
Tournament Fund 
Sale of Old Newspapers 
Legacy  
    10, 000 
    52, 000 
      5, 000 
    26, 000 
      1, 000 
    37, 000 
1, 31, 000 
Salary  
Billiards table 
Office expenses 
Tournament Expenses 
Sports Equipment 
Balance c/d 
 
    15, 000 
    20, 000 
      6, 000 
    31, 000 
    40, 000 
    19, 000 
1, 31, 000 
 Other Information: 
1. On 31.12.2006 subscription outstanding was Rs. 2, 000 and on 31.12.2005 
subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12.2006 was 
Rs. 1, 500. 
2. On 1.1.2006 the club had building Rs. 75, 000, furniture Rs. 18, 000, 12% 
investment Rs. 30, 000 and sports equipment Rs. 30, 000. Depreciation charged 
on these items including purchases was 10%.  
Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 
and ascertain he Capital Fund on 31.12.2005.     6 
 
Q 5: Prepare an Income and Expenditure Account from the following particulars of Young 
Achievers Club:   
Receipts and Payments Account 
Receipts Amount 
Rs. 
Payments Amount 
Rs. 
To Balance b/d 1.4.2004 
To Subscription: 
2003 – 2004 4, 500 
2004 – 2005 70, 000 
2005 – 2006 4, 800 
Donations (Swimming Pool) 
Entrance Fees 
Sale of Old Magazines 
 
    35, 500 
 
 
 
    79, 300 
1, 50, 000 
      3, 100 
          950 
________ 
2, 68, 850 
By Salaries 
By Postage 
By Rent 
By Printing & Stationery 
By Sports Material 
By Miscellaneous Expenses 
By Furniture (1.10.2004) 
By 10% Investments 
(1.7.04) 
By Balance c/d 
 
    42, 500 
      1, 950 
    11, 000 
    20, 000 
      9, 500 
      2, 400 
    30, 000 
    75, 000 
    76, 500 
2, 68, 850 
 Additional Information:- 
1. There are 250 members each paying an annual subscription of Rs. 300. 
2. Rs. 1, 500 is still in arrears for the year 2003 – 2004 for subscription. 
3. Value of sports material at the beginning and the end of the year was Rs. 6, 000 
and Rs. 1, 500 respectively. 
 
Depreciation to be provided @ 10% p.a. on Furniture.    6 
 
Page 3


 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION 
14
th
 DEC’ 13 
TIME – 1 Hr. 30 Min            SET – 1               MM: 21 
Q 1: As per Receipt and Payment Account for the year ended on March 31, 2006, the 
subscriptions received were Rs. 2, 50, 000. Additional information given is as follows: 
1. Subscriptions Outstanding on 1. 4. 2005 Rs. 50, 000. 
2. Subscriptions Outstanding on 31. 3. 2006 Rs. 35, 000. 
3. Subscriptions Received in Advance as on 1. 4. 2005 Rs. 25, 000. 
4. Subscriptions received in Advance as on 31. 3. 2006 Rs. 30, 000. 
Ascertain the amount of Income from subscriptions for the year 2005 – 06 and shown 
how relevant items of subscriptions appear in opening and closing balance sheets.   3 
 
Q 2: Find out the cost of medicines consumed during 2005 – 06 from the following 
information-          3 
Details Amount Rs. 
Payment for purchase of medicines 
Creditors for medicines purchased: On 1.4.2005 
 On 31.3.2006 
Stock of Medicines: On 1.4.2005 
 On 31.3.2006 
Advance to suppliers of medicines: On 1.4.2005 
 On 31.3.2006 
3, 70, 000 
    25, 000 
    17, 000 
    62, 000 
    54, 000 
    11, 500 
    18, 200 
 
Q 3: Extracts of Receipts and Payments Account for the year ended March 31, 2007 are 
given below: 
Receipts Amt. Rs. Payments Amt. Rs. 
Subscriptions: 
2005 – 06 
2006 – 07 
2007 – 08 
 
  3, 000 
96, 000 
  2, 500 
  
 Amt. Rs. 
Subscription outstanding as on March 31, 2006 
Total Subscription outstanding as on March 31, 2007 
Subscription received in advance as on March 31, 2006 
  5, 000 
12, 000 
  2, 800 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
Calculate the amount of subscription to be shown on the income side of Income and 
Expenditure Account and show the relevant data in the balance sheet as on 31
st
 
March, 2006 – 2007.         3 
 
Q 4: Following is the Receipt and Payment Account of Indian Sports Club for the year 
ended 31.12.2006: 
Receipts Amount Rs. Payments Amount Rs. 
Balance b/d 
Subscriptions 
Entrance Fee 
Tournament Fund 
Sale of Old Newspapers 
Legacy  
    10, 000 
    52, 000 
      5, 000 
    26, 000 
      1, 000 
    37, 000 
1, 31, 000 
Salary  
Billiards table 
Office expenses 
Tournament Expenses 
Sports Equipment 
Balance c/d 
 
    15, 000 
    20, 000 
      6, 000 
    31, 000 
    40, 000 
    19, 000 
1, 31, 000 
 Other Information: 
1. On 31.12.2006 subscription outstanding was Rs. 2, 000 and on 31.12.2005 
subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12.2006 was 
Rs. 1, 500. 
2. On 1.1.2006 the club had building Rs. 75, 000, furniture Rs. 18, 000, 12% 
investment Rs. 30, 000 and sports equipment Rs. 30, 000. Depreciation charged 
on these items including purchases was 10%.  
Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 
and ascertain he Capital Fund on 31.12.2005.     6 
 
Q 5: Prepare an Income and Expenditure Account from the following particulars of Young 
Achievers Club:   
Receipts and Payments Account 
Receipts Amount 
Rs. 
Payments Amount 
Rs. 
To Balance b/d 1.4.2004 
To Subscription: 
2003 – 2004 4, 500 
2004 – 2005 70, 000 
2005 – 2006 4, 800 
Donations (Swimming Pool) 
Entrance Fees 
Sale of Old Magazines 
 
    35, 500 
 
 
 
    79, 300 
1, 50, 000 
      3, 100 
          950 
________ 
2, 68, 850 
By Salaries 
By Postage 
By Rent 
By Printing & Stationery 
By Sports Material 
By Miscellaneous Expenses 
By Furniture (1.10.2004) 
By 10% Investments 
(1.7.04) 
By Balance c/d 
 
    42, 500 
      1, 950 
    11, 000 
    20, 000 
      9, 500 
      2, 400 
    30, 000 
    75, 000 
    76, 500 
2, 68, 850 
 Additional Information:- 
1. There are 250 members each paying an annual subscription of Rs. 300. 
2. Rs. 1, 500 is still in arrears for the year 2003 – 2004 for subscription. 
3. Value of sports material at the beginning and the end of the year was Rs. 6, 000 
and Rs. 1, 500 respectively. 
 
Depreciation to be provided @ 10% p.a. on Furniture.    6 
 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION  
 14
th
 DE C’ 13 
TIME – 1 Hr. 30 Min            SET – 2               MM: 21 
 
Q 1: Extracts of Receipt and Payment Account for the year ended March 31, 2006 are 
given below. 
 Receipts Subscriptions     Amt. Rs. 
 2004 – 05         2, 500 
 2005 – 06       26, 750 
 2006 – 07         1, 000 
         30, 250 
 Additional Information:- 
         Amt. Rs.  
 Total number of members:           230 
Annual membership fee:           125 
 Subscriptions outstanding on April 1, 2005:    2, 750 
 
Prepare a statement showing all relevant items of subscription viz., income, advance, 
outstanding etc.         3 
 
Q 2: Extract of a Receipt and Payment Account for the year ended on March 31, 2006 - 
 Payment – Stationery Rs. 23, 000 
 
 Additional Information-  
 April 1, 2005 Rs. March 31, 2006 Rs. 
Details Stock of Stationery 
Creditors for stationery 
4, 000 
9, 000 
3, 000 
2, 500 
 Calculate amount of Stationery to be shown in Income and Expenditure Account.      3 
 
Q 3: From the following information’s calculate the amount of subscriptions to be credited 
to the Income and Expenditure Account for the year 2007 – 2008: 
 
Page 4


 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION 
14
th
 DEC’ 13 
TIME – 1 Hr. 30 Min            SET – 1               MM: 21 
Q 1: As per Receipt and Payment Account for the year ended on March 31, 2006, the 
subscriptions received were Rs. 2, 50, 000. Additional information given is as follows: 
1. Subscriptions Outstanding on 1. 4. 2005 Rs. 50, 000. 
2. Subscriptions Outstanding on 31. 3. 2006 Rs. 35, 000. 
3. Subscriptions Received in Advance as on 1. 4. 2005 Rs. 25, 000. 
4. Subscriptions received in Advance as on 31. 3. 2006 Rs. 30, 000. 
Ascertain the amount of Income from subscriptions for the year 2005 – 06 and shown 
how relevant items of subscriptions appear in opening and closing balance sheets.   3 
 
Q 2: Find out the cost of medicines consumed during 2005 – 06 from the following 
information-          3 
Details Amount Rs. 
Payment for purchase of medicines 
Creditors for medicines purchased: On 1.4.2005 
 On 31.3.2006 
Stock of Medicines: On 1.4.2005 
 On 31.3.2006 
Advance to suppliers of medicines: On 1.4.2005 
 On 31.3.2006 
3, 70, 000 
    25, 000 
    17, 000 
    62, 000 
    54, 000 
    11, 500 
    18, 200 
 
Q 3: Extracts of Receipts and Payments Account for the year ended March 31, 2007 are 
given below: 
Receipts Amt. Rs. Payments Amt. Rs. 
Subscriptions: 
2005 – 06 
2006 – 07 
2007 – 08 
 
  3, 000 
96, 000 
  2, 500 
  
 Amt. Rs. 
Subscription outstanding as on March 31, 2006 
Total Subscription outstanding as on March 31, 2007 
Subscription received in advance as on March 31, 2006 
  5, 000 
12, 000 
  2, 800 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
Calculate the amount of subscription to be shown on the income side of Income and 
Expenditure Account and show the relevant data in the balance sheet as on 31
st
 
March, 2006 – 2007.         3 
 
Q 4: Following is the Receipt and Payment Account of Indian Sports Club for the year 
ended 31.12.2006: 
Receipts Amount Rs. Payments Amount Rs. 
Balance b/d 
Subscriptions 
Entrance Fee 
Tournament Fund 
Sale of Old Newspapers 
Legacy  
    10, 000 
    52, 000 
      5, 000 
    26, 000 
      1, 000 
    37, 000 
1, 31, 000 
Salary  
Billiards table 
Office expenses 
Tournament Expenses 
Sports Equipment 
Balance c/d 
 
    15, 000 
    20, 000 
      6, 000 
    31, 000 
    40, 000 
    19, 000 
1, 31, 000 
 Other Information: 
1. On 31.12.2006 subscription outstanding was Rs. 2, 000 and on 31.12.2005 
subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12.2006 was 
Rs. 1, 500. 
2. On 1.1.2006 the club had building Rs. 75, 000, furniture Rs. 18, 000, 12% 
investment Rs. 30, 000 and sports equipment Rs. 30, 000. Depreciation charged 
on these items including purchases was 10%.  
Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 
and ascertain he Capital Fund on 31.12.2005.     6 
 
Q 5: Prepare an Income and Expenditure Account from the following particulars of Young 
Achievers Club:   
Receipts and Payments Account 
Receipts Amount 
Rs. 
Payments Amount 
Rs. 
To Balance b/d 1.4.2004 
To Subscription: 
2003 – 2004 4, 500 
2004 – 2005 70, 000 
2005 – 2006 4, 800 
Donations (Swimming Pool) 
Entrance Fees 
Sale of Old Magazines 
 
    35, 500 
 
 
 
    79, 300 
1, 50, 000 
      3, 100 
          950 
________ 
2, 68, 850 
By Salaries 
By Postage 
By Rent 
By Printing & Stationery 
By Sports Material 
By Miscellaneous Expenses 
By Furniture (1.10.2004) 
By 10% Investments 
(1.7.04) 
By Balance c/d 
 
    42, 500 
      1, 950 
    11, 000 
    20, 000 
      9, 500 
      2, 400 
    30, 000 
    75, 000 
    76, 500 
2, 68, 850 
 Additional Information:- 
1. There are 250 members each paying an annual subscription of Rs. 300. 
2. Rs. 1, 500 is still in arrears for the year 2003 – 2004 for subscription. 
3. Value of sports material at the beginning and the end of the year was Rs. 6, 000 
and Rs. 1, 500 respectively. 
 
Depreciation to be provided @ 10% p.a. on Furniture.    6 
 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION  
 14
th
 DE C’ 13 
TIME – 1 Hr. 30 Min            SET – 2               MM: 21 
 
Q 1: Extracts of Receipt and Payment Account for the year ended March 31, 2006 are 
given below. 
 Receipts Subscriptions     Amt. Rs. 
 2004 – 05         2, 500 
 2005 – 06       26, 750 
 2006 – 07         1, 000 
         30, 250 
 Additional Information:- 
         Amt. Rs.  
 Total number of members:           230 
Annual membership fee:           125 
 Subscriptions outstanding on April 1, 2005:    2, 750 
 
Prepare a statement showing all relevant items of subscription viz., income, advance, 
outstanding etc.         3 
 
Q 2: Extract of a Receipt and Payment Account for the year ended on March 31, 2006 - 
 Payment – Stationery Rs. 23, 000 
 
 Additional Information-  
 April 1, 2005 Rs. March 31, 2006 Rs. 
Details Stock of Stationery 
Creditors for stationery 
4, 000 
9, 000 
3, 000 
2, 500 
 Calculate amount of Stationery to be shown in Income and Expenditure Account.      3 
 
Q 3: From the following information’s calculate the amount of subscriptions to be credited 
to the Income and Expenditure Account for the year 2007 – 2008: 
 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 Amt. Rs. 
Subscriptions received during the year 
Subscriptions outstanding on 31
st
 March 2007 
Subscriptions outstanding on 31
st
 March 2008 
Subscriptions received in advance on 31
st
 March, 2007 
Subscription received in advance on 31
st
 March, 2008 
70, 000 
16, 000 
15, 000 
12, 000 
11, 000 
 
 Subscriptions of Rs. 8, 000 are still in arrears for the year 2006 – 2007.  3 
              
Q 4: Following is the Receipt and Payment Account of Chennai Sports Club for the year 
ended 31.12.2006: 
 
Receipts Amount Rs. Payments Amount Rs. 
Balance b/d 
Subscriptions 
Entrance Fee 
Tournament Fund 
Sale of Old Newspaper 
Legacy  
  5, 000 
26, 000 
  4, 000 
15, 000 
  2, 000 
35, 000 
87, 000 
Salary 
Furniture 
Office Expenses 
Tournament Expenses 
Sports Equipment 
Balance c/d 
 
12, 000 
10, 000 
  8, 000 
21, 000 
20, 000 
16, 000 
87, 000 
 
Other Information: 
1. On 31.12.2006 subscription outstanding was Rs. 4, 000 and on 31.12.2005 
subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12.2006 was 
Rs. 2, 000. 
2. On 1.1.2006 the club had building Rs. 80, 000, furniture Rs. 20, 000, 10% 
investment Rs. 45, 000 and sports equipment Rs. 25, 000. Depreciation charged 
on these items including purchases was 10%. 
 
Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 
and ascertain the capital Fund on 31.12.2005.     6 
 
Q 5: From the following prepare Income and Expenditure Account for the year ended 31
st
 
March 2004 and a Balance Sheet as on that date:- 
Receipts Amt. Rs. Payments Amt. Rs. 
To Balance b/d 
Cash in hand 
Cash at bank 
To Subscriptions (including 
Rs. 200 received in advance) 
To Interest on Investment 
(Investment cost Rs. 30, 000) 
To sale of Furniture 
To Bank Interest 
    
    455 
      55 
 
3, 000 
 
1, 500 
    250 
      10 
5, 270 
By Salaries 
By Rent 
By Stationery 
By Postage 
By Bicycle 
By Govt. Bonds 
By Balance c/d- 
Cash in hand 
Cash at bank 
3, 600 
    600 
    145 
      25 
    395 
    380 
 
      12 
    113 
5, 270 
Subscriptions include Rs. 120 for the last year. Rent includes Rs. 50 for the last year. 
Subscriptions outstanding for the current year are Rs. 150. Rent outstanding for the 
month of March 2004 is Rs. 50 and a payment for stationery is also due for Rs. 25. 
The book value of Furniture sold was Rs. 320.     6 
Page 5


 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION 
14
th
 DEC’ 13 
TIME – 1 Hr. 30 Min            SET – 1               MM: 21 
Q 1: As per Receipt and Payment Account for the year ended on March 31, 2006, the 
subscriptions received were Rs. 2, 50, 000. Additional information given is as follows: 
1. Subscriptions Outstanding on 1. 4. 2005 Rs. 50, 000. 
2. Subscriptions Outstanding on 31. 3. 2006 Rs. 35, 000. 
3. Subscriptions Received in Advance as on 1. 4. 2005 Rs. 25, 000. 
4. Subscriptions received in Advance as on 31. 3. 2006 Rs. 30, 000. 
Ascertain the amount of Income from subscriptions for the year 2005 – 06 and shown 
how relevant items of subscriptions appear in opening and closing balance sheets.   3 
 
Q 2: Find out the cost of medicines consumed during 2005 – 06 from the following 
information-          3 
Details Amount Rs. 
Payment for purchase of medicines 
Creditors for medicines purchased: On 1.4.2005 
 On 31.3.2006 
Stock of Medicines: On 1.4.2005 
 On 31.3.2006 
Advance to suppliers of medicines: On 1.4.2005 
 On 31.3.2006 
3, 70, 000 
    25, 000 
    17, 000 
    62, 000 
    54, 000 
    11, 500 
    18, 200 
 
Q 3: Extracts of Receipts and Payments Account for the year ended March 31, 2007 are 
given below: 
Receipts Amt. Rs. Payments Amt. Rs. 
Subscriptions: 
2005 – 06 
2006 – 07 
2007 – 08 
 
  3, 000 
96, 000 
  2, 500 
  
 Amt. Rs. 
Subscription outstanding as on March 31, 2006 
Total Subscription outstanding as on March 31, 2007 
Subscription received in advance as on March 31, 2006 
  5, 000 
12, 000 
  2, 800 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
Calculate the amount of subscription to be shown on the income side of Income and 
Expenditure Account and show the relevant data in the balance sheet as on 31
st
 
March, 2006 – 2007.         3 
 
Q 4: Following is the Receipt and Payment Account of Indian Sports Club for the year 
ended 31.12.2006: 
Receipts Amount Rs. Payments Amount Rs. 
Balance b/d 
Subscriptions 
Entrance Fee 
Tournament Fund 
Sale of Old Newspapers 
Legacy  
    10, 000 
    52, 000 
      5, 000 
    26, 000 
      1, 000 
    37, 000 
1, 31, 000 
Salary  
Billiards table 
Office expenses 
Tournament Expenses 
Sports Equipment 
Balance c/d 
 
    15, 000 
    20, 000 
      6, 000 
    31, 000 
    40, 000 
    19, 000 
1, 31, 000 
 Other Information: 
1. On 31.12.2006 subscription outstanding was Rs. 2, 000 and on 31.12.2005 
subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12.2006 was 
Rs. 1, 500. 
2. On 1.1.2006 the club had building Rs. 75, 000, furniture Rs. 18, 000, 12% 
investment Rs. 30, 000 and sports equipment Rs. 30, 000. Depreciation charged 
on these items including purchases was 10%.  
Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 
and ascertain he Capital Fund on 31.12.2005.     6 
 
Q 5: Prepare an Income and Expenditure Account from the following particulars of Young 
Achievers Club:   
Receipts and Payments Account 
Receipts Amount 
Rs. 
Payments Amount 
Rs. 
To Balance b/d 1.4.2004 
To Subscription: 
2003 – 2004 4, 500 
2004 – 2005 70, 000 
2005 – 2006 4, 800 
Donations (Swimming Pool) 
Entrance Fees 
Sale of Old Magazines 
 
    35, 500 
 
 
 
    79, 300 
1, 50, 000 
      3, 100 
          950 
________ 
2, 68, 850 
By Salaries 
By Postage 
By Rent 
By Printing & Stationery 
By Sports Material 
By Miscellaneous Expenses 
By Furniture (1.10.2004) 
By 10% Investments 
(1.7.04) 
By Balance c/d 
 
    42, 500 
      1, 950 
    11, 000 
    20, 000 
      9, 500 
      2, 400 
    30, 000 
    75, 000 
    76, 500 
2, 68, 850 
 Additional Information:- 
1. There are 250 members each paying an annual subscription of Rs. 300. 
2. Rs. 1, 500 is still in arrears for the year 2003 – 2004 for subscription. 
3. Value of sports material at the beginning and the end of the year was Rs. 6, 000 
and Rs. 1, 500 respectively. 
 
Depreciation to be provided @ 10% p.a. on Furniture.    6 
 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 
 
REVISION TEST NO – 3 (2013 – 14) 
NOT FOR PROFIT ORGANISATION  
 14
th
 DE C’ 13 
TIME – 1 Hr. 30 Min            SET – 2               MM: 21 
 
Q 1: Extracts of Receipt and Payment Account for the year ended March 31, 2006 are 
given below. 
 Receipts Subscriptions     Amt. Rs. 
 2004 – 05         2, 500 
 2005 – 06       26, 750 
 2006 – 07         1, 000 
         30, 250 
 Additional Information:- 
         Amt. Rs.  
 Total number of members:           230 
Annual membership fee:           125 
 Subscriptions outstanding on April 1, 2005:    2, 750 
 
Prepare a statement showing all relevant items of subscription viz., income, advance, 
outstanding etc.         3 
 
Q 2: Extract of a Receipt and Payment Account for the year ended on March 31, 2006 - 
 Payment – Stationery Rs. 23, 000 
 
 Additional Information-  
 April 1, 2005 Rs. March 31, 2006 Rs. 
Details Stock of Stationery 
Creditors for stationery 
4, 000 
9, 000 
3, 000 
2, 500 
 Calculate amount of Stationery to be shown in Income and Expenditure Account.      3 
 
Q 3: From the following information’s calculate the amount of subscriptions to be credited 
to the Income and Expenditure Account for the year 2007 – 2008: 
 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
 Amt. Rs. 
Subscriptions received during the year 
Subscriptions outstanding on 31
st
 March 2007 
Subscriptions outstanding on 31
st
 March 2008 
Subscriptions received in advance on 31
st
 March, 2007 
Subscription received in advance on 31
st
 March, 2008 
70, 000 
16, 000 
15, 000 
12, 000 
11, 000 
 
 Subscriptions of Rs. 8, 000 are still in arrears for the year 2006 – 2007.  3 
              
Q 4: Following is the Receipt and Payment Account of Chennai Sports Club for the year 
ended 31.12.2006: 
 
Receipts Amount Rs. Payments Amount Rs. 
Balance b/d 
Subscriptions 
Entrance Fee 
Tournament Fund 
Sale of Old Newspaper 
Legacy  
  5, 000 
26, 000 
  4, 000 
15, 000 
  2, 000 
35, 000 
87, 000 
Salary 
Furniture 
Office Expenses 
Tournament Expenses 
Sports Equipment 
Balance c/d 
 
12, 000 
10, 000 
  8, 000 
21, 000 
20, 000 
16, 000 
87, 000 
 
Other Information: 
1. On 31.12.2006 subscription outstanding was Rs. 4, 000 and on 31.12.2005 
subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12.2006 was 
Rs. 2, 000. 
2. On 1.1.2006 the club had building Rs. 80, 000, furniture Rs. 20, 000, 10% 
investment Rs. 45, 000 and sports equipment Rs. 25, 000. Depreciation charged 
on these items including purchases was 10%. 
 
Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 
and ascertain the capital Fund on 31.12.2005.     6 
 
Q 5: From the following prepare Income and Expenditure Account for the year ended 31
st
 
March 2004 and a Balance Sheet as on that date:- 
Receipts Amt. Rs. Payments Amt. Rs. 
To Balance b/d 
Cash in hand 
Cash at bank 
To Subscriptions (including 
Rs. 200 received in advance) 
To Interest on Investment 
(Investment cost Rs. 30, 000) 
To sale of Furniture 
To Bank Interest 
    
    455 
      55 
 
3, 000 
 
1, 500 
    250 
      10 
5, 270 
By Salaries 
By Rent 
By Stationery 
By Postage 
By Bicycle 
By Govt. Bonds 
By Balance c/d- 
Cash in hand 
Cash at bank 
3, 600 
    600 
    145 
      25 
    395 
    380 
 
      12 
    113 
5, 270 
Subscriptions include Rs. 120 for the last year. Rent includes Rs. 50 for the last year. 
Subscriptions outstanding for the current year are Rs. 150. Rent outstanding for the 
month of March 2004 is Rs. 50 and a payment for stationery is also due for Rs. 25. 
The book value of Furniture sold was Rs. 320.     6 
 
PUNEET COLLEGE                                        SCF 74, FF, SEC 10 PKL                                                                    98155 – 00062              
                                                                         SCO 269, TF, SEC 32D CHD                                            www.facebook.com/puneetcollege 
+1 ACC RT – 3(2013 – 2014) NOT FOR PROFIT ORGANISATION Set 1 (Solution)  
Ans 1: 
 Details Amount Rs. 
Subscriptions Received as per Receipt and Payment A/c 
Add: Subscriptions outstanding on 31.3.2006 
Add: Subscriptions received in advance on 1.4.2005 
 
Less: Subscriptions outstanding on 1.4.2005 
 
Less: Subscriptions received in advance on 31.3.2006 
2, 50, 000 
    35, 000 
    25, 000 
3, 10, 000 
    50, 000 
2, 60, 000 
    30, 000 
Income from subscription for the year 2005 – 06 2, 30, 000 
Alternately, income received from subscriptions can be calculated by preparing a Subscriptions 
account as under. 
Subscription Account 
Date Particulars Amount Rs. Date Particulars Amount Rs. 
 To balance b/d 
(outstanding) 
To Income and 
Expenditure A/c (bal fig.) 
To Balance c/d 
(Received in advance) 
    50, 000 
 
2, 30, 000 
 
    30, 000 
 By balance b/d 
(Recd. In advance) 
By Receipts and 
Payments A/c 
By Balance c/d 
(outstanding) 
    25, 000 
 
2, 50, 000 
 
    35, 000 
  3, 10, 000   3, 10, 000 
 Relevant items of subscription can be shown in the opening and closing balance sheet as under. 
 
Balance Sheet as on March 31, 2005 
Liabilities Amount Rs. Assets Amount Rs. 
Subscriptions received in 
Advance 
25, 000 Subscription Outstanding  50, 000 
 
Balancing Sheet as on March 31, 2006 
Liabilities Amount Rs. Assets Amount Rs. 
Subscriptions received in 
Advance 
30, 000 Subscription outstanding 35, 000 
 
Ans 2:  
Particulars Amount Rs. 
Payment made for purchase of medicines 
Add: Stock in beginning  
      Advance to suppliers of medicines on 1.4.2005 
 
Less: Stock at the end 54, 000 
             Advance to suppliers of medicines on 31.3.2006 18, 200 
 
Less: Creditors in the beginning 
 
Add: Creditors at the end 
Medicines Consumed during 05–06 to be taken to the Dr, side of Income & Exp. A/c 
3, 70, 000 
    62, 000 
    11, 500 
4, 43, 500 
 
    72, 200 
3, 71, 300 
    25, 000 
3, 46, 300 
    17, 000 
3, 63, 300 
Or 
Stock of Medicines A/c 
 Amt. Rs.  Amt. Rs. 
To Balance b/d 
To Creditors A/c 
    62, 000 
3, 55, 300 
4, 17, 300 
By income and Exp. A/c (Bal. Fig.) 
By Balance c/d 
3, 63, 300 
    54, 000 
4, 17, 300 
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