SUNIL PANDA COMMERCE CLASSES

BEFORE EXAM PRACTICE QUESTIONS FOR TERM 2 BOARDS

ACCOUNTS- NOT FOR PROFIT ORGANISATION
Q.1) Following is the summary of cash transaction of good health club for the year ending 31-3-2018

Particulars Amount Particulars Amount

Opening cash balance Locker rent 11,000
Cash 70,000 Invested in 9% debentures of XYZ Ltd. 2,40,000
Bank 3,00,000
Subscription received: Health journals 5,000
2016-17 40,000 Stationery 12,500
2017-18 3,75,000 Insurance premium 6,760
2018-19 20,000 Courier charges 800
Donation for GYM 1,64,000 Municipal taxes 9,570
Admission fees 14,000 Machinery purchased 38,000
Life membership fees 45,000 Sale of old newspapers 300
Wages and salaries 55,000 Interest on bank balance 1,740
Cash in hand 43,000
From the following summary prepare a Receipts and Payments account of Good Health Club for the
year ending 31-3-18

Q.2) How will the following items be presented in the income and expenditure account of a club for
the year ending 31-3-2019 and the balance sheet as on that date?

Particulars Amount
Tournament fund on 1-4-2018 3,00,000
10% tournament fund investment on 1-4-2018 3,00,000
Interest received on tournament fund investment 30,000
Sale of tournament tickets 75,000
Tournaments prizes awarded 60,000

Q.3) During the year ended 31-3-2021 subscription received by Masonic Club, delhi were 4,09,000
including 5,000 for the year ended 31-3-2020 and 10,000 for the year ended 31-3-2022. Outstanding
subscription for the year ended 31-3-2021 were 15,000. Subscription due but not received at the
end of the previous year i.e. 31-3-2020 were 8,000 while subscription received in advance on the
same date were 18,000

Calculate amount of subscription to be credited to income and expenditure account for the year
ended 31-3-2021.

Q.4) from the following particulars calculate amount of subscription to be credited to the income
and expenditure account for the year ended 31-3-21

a) subscription in arrears on 31-3-2020 500

b) subscription received in advance on 31-3-2020 for the year ended on 31-3-2021 1,100

c) total subscription received during the year ended 31-3-2021 35,400

(Including 400 for the year ended 31-3-2020; 1,200 for the year ended 31-3-2022; and
300 for the year ended 31-3-2023)

d) subscription outstanding for the year ended 31-3-2021 400

Q.5) From the following information of Saguna sports club, show the sports materials item in the
income and expenditure account for the year ended 31-3-2022 and balance sheet as at 31-3-2020
and 31-3-2021

Particulars 31-3-2020 31-3-2021

Stock of sports materials 6,200 4,800
Creditors for sports materials 9,800 7,200
Advance to suppliers for sports materials 11,000 19,000
Payment to suppliers for sports materials during the year was 1,02,000. There were no cash
purchase made.

Q.6) Prepare income and expenditure account form the following particulars of Youth club for the
year ended on 31-3-2018

Receipts and Payments account for the year ended 31-3-2018

Receipts Amount Payments Amount

To balance b/d (cash) 32,500 By salaries 31,500
To subscription By postage 1,250
2016-17 1,500 By rent 9,000
2017-18 60,000 By printing and stationery 14,000
2018-19 1,800 By sports materials 11,500
To donations (billiard table) 90,000 By miscellaneous expenses 3,100
To entrance fees 1,100 By furniture ( 1-oct-2017) 20,000
To sale of old magazines 450 By 10% investment (1-oct-2017) 70,000
By balance c/d 27,000
1,87,350 1,87,350
Additional information:

a) Subscription outstanding as at 31-3-2018 16,200

b) 1,200 is still arrears for the year 2016-17 for subscription
c) Value of sports materials at the beginning and at the end of the year was 3,000 and 4,500
respectively
d) Depreciation to be provided @10% p.a. on furniture.

Q.7) Following is the summary of cash transaction of the Royal Club for the year ended 31-3-2021

Receipts and Payments account for the year ended 31-3-2021

Receipts Amount Payments Amount

To balance c/d By rent 16,800
Cash in hand 10,000
Cash at bank 21,900 31,900
To entrance fees 25,500 By salaries to office staff 24,500
To subscriptions 1,60,000 By electricity charges 7,200
To legacy 16,500 By honorarium 43,500
To life membership fees 25,000 By books 21,300
To surplus from entertainment 5,600 By office expenses 45,000
events
 By 3% fixed deposit (1-oct-2020) 80,000
By balance c/d
Cash in hand 2,000
Cash at bank 24,200 26,200
2,64,500 2,64,500
In the beginning of the year the Club possessed books of 2,00,000 and furniture of 85,000.
Subscriptions in arrears in the beginning of the year amounted to 3,500 and at the end of the year
4,500 and six months rent @1,400 p.m. was due both the beginning of the year and at the end of the
year.

Prepare income and expenditure account of the club for the year ended 31-3-2021 and its balance
sheet as at that date after writing off 5,000 and 11,300 on furniture and books respectively.

Q.8) From the following Receipts and Payments account and additional information give below
prepare income and expenditure account and balance sheet of rural literacy society as on 31-3-2021:

Receipts and Payments account for the year ended 31-3-2021

Receipts Amount Payments Amount

To balance c/d By general Expenses 32,000
Cash in hand 40,000 By newspapers 18,500
Cash at bank 1,55,500 By electricity 30,000
To subscription By fixed deposit with bank (on 1,80,000
2020-20 12,000 30th-sep-2020 @10% p.a.)
2021-21 2,65,000
2022-22 5,000 2,82,000
To legacy 12,500 By Books 70,000
To government grant 1,20,000 By Salary 36,000
To sale of old furniture (book value 37,000 By Rent 65,000
50,000) By Postage charges 3,000
To interest on investment received 4,500 By furniture (purchased) 1,05,000
on fixed deposit
By balance c/d
Cash in hand 30,000
Cash at bank 82,000
6,51,500 6,51,500
Additional information:

a) Subscription outstanding as on 31-3-2020 20,000 and on 31-3-2021 15,000

b) On 31-3-2021 salary outstanding 6,000 and one month rent paid in advance
c) On 1st April,2020 society owned furniture 1,20,000 and books 50,000.