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Sample Questions - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce PDF Download

                                          Not-For Profit Organisations

Time – 50 mins

M.M. - 30

Q1. what is legacy? (1 mark)

Q2. Salary paid by Jaipur Sports Club for the year ended 31st March, 2008 amounted to Rs.2,00,000. How much amount will be recorded in Income and Expenditure Account in the following case

                                                                                                      31-3-2007    31-3-2008

                                                                                                       Rs.                 Rs.
Outstanding Salary                                                                     7,000           10,000
Prepaid Salary                                                                             5,000           4,000
(1 mark)

Q3. On the basis of the information given below calculate the amount of Stationery to be debited to the 'Income and Expenditure Account' of Good Health Sports Club for the year ended 31st March 2007:

                                                                            April 1, 2006         March 31,2007
                                                                            Rs.                           Rs.

Stock of Stationery                                          8,000                     6,000
Creditors for Stationery                                  9,000                     11,000
Stationery purchased during the year ended 31-3-2007 was Rs. 47,000. (4 marks)

Q4. Extracts of Receipts and Payments Account for the year ended March 31, 2006 are given below:
Sample Questions - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
Subscriptions Outstanding as on March 31, 2005                       5,000
Total Subscriptions Outstanding as on March 31, 2006             12,000
Subscriptions received in advance as on March 31, 2005           2,800
Calculate the amount of subscriptions to be shown on the income side of Income and Expenditure A/c and show the relevant data in the balance sheet as at 31st March 2005 and 2006. (4 marks)

Q5. From the  following Receipts and Payments Account of Sonic Club and from the given additional information; prepare Income and Expenditure Account for the year ending 31st March, 2015 and the Balance Sheet as at that date:
Receipts and Payments Account

for the year ending 31st March, 2015
Sample Questions - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
Additional Information:
(i) The club had received Rs.20,000 for subscription in 2013-14 for 2014-15.
(ii) Salaries had been paid only for 11 months.
(iii) Stock of Sports Materials on 31st March, 2014 was Rs. 3,00,000 and on 31st March, 2015 Rs. 6,50,000. (6 marks)

Q6. Following is the Receipts and Payments Account of a Club for the year ended 31st March, 2014:
Sample Questions - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce

Additional Information:
(i) Outstanding subscription for 2013-14 Rs.80,000.
(ii) Outstanding salaries as on 1st April, 2013 were Rs. 2,000 and as at 31st March, 2014 were Rs. 4,000.
(iii)Locker Rent rate is Rs. 2,000 per month.
(iv) Depreciation on sports equipment ®10% p.a.

Prepare Income and Expenditure Account of the Club for the year ended 31st h, 2014. (6 marks)

Q7. The following particulars relate to Madura Club for the year 31st March, 2015:
Receipts and Payments Account
Sample Questions - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce
You are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:
(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.
(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.
(iii) Entire donation and ¾ of entrance fees are to be capitalized.
(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.
(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5%. (8 marks)

The document Sample Questions - Not For Profit Organisations | Crash Course of Accountancy - Class 12 - Commerce is a part of the Commerce Course Crash Course of Accountancy - Class 12.
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FAQs on Sample Questions - Not For Profit Organisations - Crash Course of Accountancy - Class 12 - Commerce

1. What is a not-for-profit organization?
Ans. A not-for-profit organization, also known as a non-profit organization, is a type of organization that operates for the benefit of the public and not to make a profit for its owners or shareholders. Its primary purpose is to pursue a specific mission or cause, such as charitable, educational, religious, or scientific activities.
2. How do not-for-profit organizations differ from for-profit organizations?
Ans. Not-for-profit organizations differ from for-profit organizations in several ways. While for-profit organizations aim to generate profits for their owners or shareholders, not-for-profit organizations focus on fulfilling a specific mission or purpose for the benefit of the public. Additionally, not-for-profit organizations are exempt from paying income taxes, and any surpluses they generate must be reinvested back into the organization to further its mission, rather than distributed to shareholders.
3. How do not-for-profit organizations fund their operations?
Ans. Not-for-profit organizations typically rely on various sources of funding to support their operations. These may include donations from individuals, corporations, and foundations, grants from government agencies or other organizations, membership fees, fundraising events, and income generated from providing goods or services related to their mission. Some not-for-profit organizations may also receive government funding or contracts to provide specific services.
4. What are the benefits of donating to a not-for-profit organization?
Ans. Donating to a not-for-profit organization can have several benefits. Firstly, it allows individuals or businesses to support a cause or mission they care about and make a positive impact on society. Donations to not-for-profit organizations are often tax-deductible, providing a financial benefit to the donor. Additionally, donating to a reputable not-for-profit organization can enhance an individual or business's public image and demonstrate their commitment to social responsibility.
5. How can I verify the legitimacy of a not-for-profit organization before making a donation?
Ans. It is important to ensure the legitimacy of a not-for-profit organization before making a donation. One way to do this is by checking if the organization is registered and recognized as a tax-exempt entity with the appropriate government agency, such as the Internal Revenue Service (IRS) in the United States. Additionally, you can research the organization's mission, accomplishments, and financial statements to evaluate its credibility and transparency. Various online resources and platforms, such as GuideStar and Charity Navigator, provide information and ratings for not-for-profit organizations to assist donors in making informed decisions.
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