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