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DATE OF SUBMISSION 31,05.2019
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REVISION QUESTION – ACCOUNTANCY CLASS 11

Q1	Give an example of not for profit organization.
Q2	State two features of not for organisation.
Q3	What is the closing balance of receipts and payment account called?
Q4	If Deficit  is Rs20,000 and expenditure is Rs90,000 find the income.
Q5	Calculate the gross profit , closing stock and opening stock of the business from the following information:  Net Sales  Rs 1,00,000 ;  gross profit is 25% on cost ;closing stock is 50% of gross profit and opening stock is Rs5000 more than closing stock.
Q6	Calculate the subscription income  for the year 2015 from the following information:    Subscription received during the year                            Rs60,000    Subscription outstanding as on 1-1-2015                        Rs5,000    Subscription received in advance as on 1-1-2015           Rs 4,000    Subscription outstanding as on 31-12-2015                    Rs 10,000   Subscription received in advance on 31-12-2015            Rs2,000
Q7	Show the following information in the appropriate account of a not for profit organization:         Opening balance of prize fund                   Rs 1,25,000         Donations received for the prize fund           Rs50,000         Prizes given during the year                          Rs80,000         Prize fund investment @10 p.a. interest      Rs1,25,000        Interest received on investment                        Rs5,000
Q8	Calculate the value of stationaries to be debited to income and expenditure account from the following information   Opening stock of stationaries                                              Rs  2,000  Payment made for stationery during the year                    Rs30,000   Creditors for stationaries at the beginning of the year     Rs  4,000   Creditors for stationaries at the end of the year                Rs  7,500   Advance for stationery paid at the end of the year           Rs   3,000
Q9	Write the adjustment journal entries for the following transactions: (i)                 Interest accrued on investment Rs650 (ii)               Commission  received in advance Rs1000 (iii)             Closing stock transferred to trading account Rs20,000
Q10	From the following Receipts and payments Account of Defence Club, from the information supplied  prepare the Income and Expenditure account for the year ended December 31st,2010 and also calculate capital fund as on 31st dec. 2009. Receipt and Payment account for the year ended 31st  December, 2010 Receipts Rs. Payments Rs. To balance b/d 130500 By Salaries 49500 To Subscriptions (includes 12400 for 2009)  152400 By General Expenses 8970 To Donation 72000 By Furniture 181050 To Interest received on investment @10p.a. 1800  By Books 61980  To entrance fees 18000  By miscellaneous expenses 6600  To  Rent from Hall 6300 By Insurance 2700 To Sale of newspapers 900 By Bal C/d 71100 351900 351900 Subscriptions Outstanding on 31st December, 2010 was Rs 13500 and received on account of 2011 Rs.3, 900. Insurance prepaid was Rs 300 Miscellaneous expenses outstanding Rs 900  50% donation is to be capitalised