NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Accountancy Class 12

Commerce : NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

The document NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev is a part of the Commerce Course Accountancy Class 12.
All you need of Commerce at this link: Commerce

PAGE NO. 51

NUMERICAL QUESTIONS:

Q.1. From the following particulars taken from the Cash Book of a health club, prepare a Receipts and Payments Account.

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
 Ans.

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev


PAGE NO. 52

Q.2. The Receipt and Payment Account of Harimohan charitable institution is given:
Receipt and Payment Account for the year ending March 31, 2015

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Prepare the Income and Expenditure Account for the Year ended on March 31, 2007 after considering the following:
(i) It was decided to treat Fifty per cent of the amount received on account of Legacies and Donations as income.
(ii) Liabilities to be provided for are:
Rent Rs 800; Salaries Rs 1,200; advertisement Rs 200.
(iii) Rs 2,000 due for interest on investment was not actually received.
Ans.

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NOTE: As per the solution, Excess of Income over Expenditure is Rs 1,500; however, as per the book, it is Rs 2,500.

Q.3. From the following particulars, prepare Income and Expenditure account:
From the following particulars, prepare Income and Expenditure account:

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Ans.

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NOTE: As per the solution, Excess of Income over Expenditure is Rs 3,23,000; however, as per the book, it is Rs 3,07,000.


PAGE NO. 53

Q.4. Following is the information given in respect of certain items of a Sports Club. Show these items in the Income and Expenditure Account and the Balance Sheet of the Club:

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Ans.
NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev


Q.5. How will you deal with the following items while preparing for the Bombay Women Cricket Club its income and expenditure account for the year ending 31.3.2017 and its Balance Sheet as on 31.3.2017:

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Give reasons for your answers
Ans.
(a)
NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Reason
Donation for construction of Pavilion is a donation for specific purpose.
Expenses on construction on Pavilion is a capital expenditure.
(b)

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Reason
All funds received are treated as capital receipts and expenses related to any fund are deduced from the concerned funds.
(c)

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

Reason
Life Membership Fees are considered as capital receipts and are shown on the Liabilities side of the Balance Sheet, if nothing is specified about its treatment. But if it is to be treated as revenue item, then it is shown on the credit side of the Income and Expenditure Account.

Q.6. From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Organisation as on December 31, 2013.

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
Information:
(i) Subscription outstanding as on 31.12.2016 Rs 2,000 and on December 31, 2017 Rs 1,500.
(ii) On December 31, 2017 Salary outstanding Rs 600, and one month Rent paid in advance.
(iii)  On Jan. 01, 2016 organisation owned Furniture Rs 12,000, Books Rs 5,000.

Ans.
Books of Adult Literacy Organisation
Income and Expenditure Account 

as on Dec. 31, 2017
NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev


PAGE NO. 54

Q.7. The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017:

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev
You are required to prepare an Income and Expenditure Account after the following adjustments:
(a) Subscription still to be received are Rs 750, but subscription include Rs 500 for the year 2018.
(b)  In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs 3,000 and Books Rs 2,000.
(c) Provide depreciation on furniture @ 5% (including purchase), books @ 10% and building @ 5%.
Ans.
NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounting for Not for Profit Organisations Commerce Notes | EduRev

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