CLASS XII 2020-21 (ACCOUNTANCY)

ASSIGNMENT 1 (NOT FOR PROFIT ORGANISATION)

1. Subscription received by a school for organizing annual function is treated as:

a.Capital receipt b. Revenue receipt c. Asset d. Earned Income

2 Income and Expenditure Account reveals:

a. Surplus or Deficiency b. Cash in hand c. Net profit d. Capital account
3. Subscription received in advance during the current year
a. An income b. an asset c. a liability d none of these
4. The opening balance of Prize Fund was Rs. 32,800. During the year, donations received towards
this fund amounted to Rs. 15,400; amount spent on prizes was Rs. 12,300 and interest received on
prize fund investment was Rs. 4,000. The closing balance of Prize Fund will be:
a. Rs. 56,500 b. 64,500 c. 39,900 d. 31,900
5. If there is a ‘Match Fund’, then match expenses and incomes are transferred to:
a. Income and Expenditure a/c c. Assets side of Balance Sheet
b. Liabilities side of Balance Sheet d. Both Income and Expenditure a/c and to Balance
Sheet
6. What is meant by ‘Endowment Fund’?
7. What is the basis of accounting followed while preparing the Receipts and Payments Account?
8. In which account the excess of income over expenditure is added in case of a not-for-profit
organization?
9. Income and Expenditure is a -------account. (Personal/Real/Nominal)
10. Life Membership Fee received by an institution is a --------receipt.(Capital/Revenue)
11. Calculate the amount of medicines to be debited to the Income and Expenditure Account
for the year ended 31-3-2020 on the basis of the following information:
April 1, 2019(Rs.) March 31, 2020(Rs.)
Stock of Medicines 10,000 8,000
Creditors for Medicine 3,000 3,600
Amount paid for Medicines during the year was Rs. 60,000.

12. Following information was obtained from the Secretary of the Crazy Club:

Particulars Amount
Subscription received in 2019-20 as per Receipts and Payments A/c 89,000
Advance subscription received 2018-19 5,000
Subscription outstanding at the end of 2019-20 (including Rs. 1,500 for
2018-19) 12,500
Advance subscription received for 2020-21 3,000
Subscription written off during 2019-20 600
Subscription receivable on 1st April, 2019 8,400
 Calculate subscription income to be credited to Income and Expenditure Account for the year ended
st
31 March, 2020.

13. Given below are the receipts and payments account of Modern Club for the year ended
31st March, 2020:

Receipts Rs. Payments Rs.

To Subscriptions 65,400 By salary 22,000
To Donations 20,000 By Rent 4,400
To Contribute for annual dinner 5,000 By Insurance: 2019-20 2,400
To Receipts from Tournaments 15,000 2020-21 600
To Legacies 30,000 By Expenses on annual Dinner 4,500
To Entrance Fees 6,000 By Expenses on Tournament 12,700
To Billiard Fees 18,600 By Billiard Table 47,000
By National Saving Certificate 35,000
By Balance c/d 31,400
1,60,000 1,60,000
INFORMATIONS:-
1. Subscriptions include subscriptions for 2018-19, Rs. 1,200.
2. Subscriptions outstanding for current year Rs. 5,000 of which Rs. 1,000 are considered doubtful.
3. 12% National Saving Certificates were bought on 1st October 2019.
4. Salary and rent for the month of March 2020 has not been paid so far.
5. One half of the Donations and 1/3 of entrance fee are to be treated as general income.
You are required to prepare Income and Expenditure Account and Balance Sheet as at 31 st March
2020.
14. Young India Club has been established on 1st April, 2018. Following is their Receipts
and Payments Account for the year ended 31st March, 2019.

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH,
2019.

RECEIPTS Rs. PAYMENTS Rs.

To Entrance Fees 5,000 By Maintenance Charges 2,440
To Legacies 12,000 By Furniture 5,000
To Subscriptions 10,000 By Rent 1,000
To Sale of Old newspapers 1,500 By Salary 4,500
To Surplus from Annual 1,500 By Honorarium 1,000
Dinner event 9,000 By Conveyance 500
To Life Membership Fees By Books 2,000
By Balance c/d 22,560
39,000 39,000
Additional Information:

a. Rent Outstanding Rs. 600

b. Legacy donation is without any specific use.
c. Subscriptions Outstanding for the year ended 31st March, 2019 were Rs. 500
d. Maintenance charges Rs. 100 were unpaid.

Prepare Income and Expenditure Account for the year ended 31st March, 2019.

15. Following is the information relating to subscriptions of Savera Club for the year ended 31 st
March, 2016.
Subscriptions received during 2015-16 Rs. 70,000
Subscriptions outstanding on 31st March, 2015 Rs. 17,000
Subscriptions received in advance on 31st March, 2015 Rs. 3,250
Subscriptions received in advance on 31st March, 2016 Rs. 4,670
Subscriptions outstanding on 31st March, 2016 Rs. 11,250
Show the subscription in Income and Expenditure A/c for the year ended on 31 st March, 2016.

16. From the following information, show the salaries item in the Income and Expenditure Account
for the year ending 31st March, 2015.
Salaries paid during the year 2014-15 Rs. 2,00,000
Salaries outstanding on 31st March, 2014 Rs. 18,000
Salaries outstanding on 31st March, 2015 Rs. 24,000
Salaries paid in advance on 31st March, 2014 Rs. 10,000
Salaries paid in advance on 31st March, 2015 Rs, 15,000
17. Calculate the amount of sports material to be transferred to Income and Expenditure account of
Raman Bhalla Sports Club, Ludhiana, for the year ended 31st March, 2018.
Sports material sold during the year (Book value Rs. 50,000) Rs. 56,000
Amount paid to creditors for sports material Rs. 91,000
Cash purchases of sports material Rs. 40,000
Stock of sports material as on 31.3.2017 Rs. 50,000
Stock of sports material as on 31.3. 2018 Rs. 55,000
Creditors for sports material as on 31.3.2017 Rs. 37,000
Creditors for sports material as on 31.3.2018 Rs. 45,000
18. The following is the Receipts and Payments account of Apollo Hospital, for the year ended 31 st
March, 2020:
RECEIPTS AND PAYMENTS ACCOUNT

RECEIPTS RS. PAYMENTS RS.

To Balance b/d 8,500 By Payment for medicines 33,000
To Subscriptions 48,000 By Fees to doctors
To Donations 15,000 By Salaries 24,000
To Interest on Investments at 9% By Equipment purchased 27,000
p.a. for the year 9,000 By Charity show expenses 15,000
To Proceeds from Charity show By sundry expenses
To Grant in aid 12,000 By Balance c/d 4,000

20,000 1,200
8,300
1,12,500 1,12,500
 OTHER INFORMATION:
1-4-2019 31-3-2020
a. Subscriptions due 500 1,000
b. Subscriptions received in advance 1,000 500
c. Stock of medicines 10,000 15,000
d. Amount due to medicine suppliers 8,000 12,000
e. Value of Equipments 25,000 33,000
f. Value of Buildings 70,000 65,000

You are required to prepare Income and Expenditure Account for the year ended 31 st March,
2020.