Yugantar Public School

1st Unit Test

Subject:Accountancy

Q.1.What is Legacy? Also with an example show the treatment in financial statements of an NPO. (1)
Q.2. How are the following dealt with in the accounts of a Not-for-Profit Organisation ? (3)
Case I Dr. (₹) Cr. (₹) Case II Dr. (₹) Cr. (₹)
Prize Fund 12,000 50,000 Match Fund 1,00,000
Prizes Paid 15,000 Match Expenses 35,000
Match Expenses Investments of Match 60,000
Fund
Interest on Match
Fund
Investments 3,000
Prizes Paid 19,000

Q.3.(a) From the following information, calculate amount of subscriptions to be credited to the
Income and Expenditure Account for the year ended 31st March, 2019: (4)

₹
1st April, 2018 Subscriptions in Arrears 50,000
Subscriptions Received in Advance 30,000
31st March, 2019 Subscriptions in Arrears 25,000
Subscriptions Received in Advance 70,000

Subscriptions received during the year ended 31st March, 2019 – ₹ 3,00,000
Subscription still in arrears for the year 2017 – 18 – ₹ 10,000.

(b) Calculate the amount that will be posted to the income and Expenditure Account for the
year ended 31st March, 2019:
₹
Stock of Stationery on 1st April, 2018 30,000
Creditors for Stationery on 1st April, 2018 20,000
Advances paid for Stationery carried forward from the year ended 31st
2,000
March, 2018
Amount paid for Stationery during the year ended 31st March, 2019 1,08,000
Stock of Stationery on 31st March, 2019 5,000
Creditors for Stationery on 31st March, 2019 13,000
Advance paid for Stationery on 31st March, 2018 3,000

Q.4. Following is the Receipts and Payments Account of a sports Club for the year ended 31st
March, 2019: (6)

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019
Dr. Cr.
Receipts ₹ Payments ₹
To Balance b/d (Cash) 18,000 By Building 4,00,000
To Donations for
4,50,000 By Project Expenses 90,000
Building
To Donations 50,000 (Young Talent Search and Development)
To Government Grant 1,00,000 By Match Expenses 90,000
(Young Talent Search
By Furniture 1,21,000
and Development)
To Life Membership
40,000 By 10% Investments 1,60,000
Fees
To Match Fund 80,000 (Purchased on 1st July, 2018)
To Subscriptions 52,000 By Salaries 70,000
To Locker Rent 4,000 By Insurance 3,500
To Interest on
10,000 By Sundry Expenses 4,700
Investments
To Sale of Furniture 1,00,000 By Closing c/d (Cash) 4,800
(Book value ₹
By Bank (Young Talent 10,000
80,000)
To Entrance Fees 50,000 Search and Development

9,54,000 9,54,000

Additional Information:
(i) During the year ended 31st March, 2019, the club had 550 members and each paying an
annual subscription of ₹ 100.
(ii) Salaries Outstanding as at 1st April, 2018 were ₹ 10,000 and as at 31st March, 2019 were ₹
5,000.
Prepare Income and Expenditure Account and balance sheet on 1.04.2018 of the Club for the
year ended 31st March, 2019.
Q.5. From the following particulars relating to samar Hospital, prepare Income and Expenditure
Account for the year ended 31st March, 2019 and Balance Sheet as at that date.

(6)
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2019
Dr. Cr.
Receipts ₹ Payments ₹
To Cash in Hand on 1st April,
71,300 By Medicines 3,05,900
2018
To Subscriptions 4,79,960 By Doctor's Honorarium 90,000
To Donations 1,45,000 By Salaries 2,75,000
To Interest on Investment @ @
70,000 By Petty Expenses 4,610
7% for full year
To Proceeds from Charity Show 1,04,500 By Equipments 1,50,000
By Expenses on Charity Show 7,500
By Cash in Hand on 31st March, 2018 37,750

8,70,760 8,70,760

Additional Information: As at 31st March,

As at 1st April, 2018
2019
(₹)
(₹)
Subscriptions Due 2,400 2,800
Subscriptions Received in Advance 640 1,000
Stock of Medicines 88,100 97,400
Estimated value of Equipments 2,12,000 3,16,000
Building (cost less depreciation) 4,00,000 3,80,000