Q1
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What are not for profit organizations? How are they different from profit seeking organizations?
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Q2
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What is a Receipt and Payment A/c? Enumerate its features.
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Q3
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Why is Income and Expenditure A/c prepared? State its features.
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Q4
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Define and explain the accounting treatment of the following terms:
a) Subscriptions b) Life membership subscription c) Entrance fees d) Legacy
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Q5
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Distinguish between(3 points each)
a) Receipts and Payments A/c and Income and Expenditure A/c
b) Income and Expenditure A/c and Profit and Loss A/c.
c) Receipts and Payments A/c and Cash book.
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Q6
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How will you deal with the given information while preparing the final accounts for the year 2016: Subscription received during 2016: for 2015- Rs. 5,000;
Subscription received for 2016- Rs. 30,000; for 2017- Rs. 6,000
Subscription received in advance as at 31.12.2016- Rs. 6,000
Subscription outstanding as at 31.12.2015- Rs. 6,000
Subscription outstanding for the year 2016- Rs. 4,000
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Q7
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Calculate the amount of subscriptions to be credited to the Income and Expenditure A/c for the year ending 31 st March,2013:
Subscription in arrears on 31.3.2012- Rs. 500
Subscription received in advance on 31.3.2012- Rs.1,100
Total subscription received during 2012-13 (including Rs. 400 for 2011-12, Rs. 900 for 2013-14 and Rs. 300 For 2014-15)- Rs. 35,400
Subscription outstanding for 2012-13- Rs. 400
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Q8
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From the following extracts of the Receipts and Payments A/c and the additional information, you are required to compute the income from subscription for the year ending on 31st December, 2012 and show Income & Expenditure A/c and the Balance Sheet as on 31.12.2012.
An extract of Receipts and Payments A/c for the year ending On 31st December, 2012
Receipts Rs.
To subscriptions: 2011, 2012, 2013 : 9,000 ; 1,34,400 ; 5,200
Additional Information: Subscription outstanding as on 31.12.2011- Rs. 9,200;
subscription received in advance as on 31.12.2011- Rs. 2,800 ( including Rs. 800 for 2012) . There are 1,440 members each paying an annual subscription of Rs. 100
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Thursday 5 January 2017
ACCOUNTANCY
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