NPO QUESTIONS FOR PRACTISE


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Q 1. From the following Receipts and payments Account of Western Gymkhana for the year ended
31st March 2007 and other information , prepare Income and Expenditure Account for the year ended and Balance Sheet as on that date.
Receipts
Amt. Rs
  Payments
Amt. Rs
To Balance b/d
1,040
  By Salaries
1,300
Subscription
  By Entertainment Expenses
645
2006
85
  By Electric Charges
234
2007
4,000
  By General Expenses
350
2008
103
  By Rates and taxes
120
To Donations
1,200
  By Investments
3,000
To Entertainment Receipts
876
  By Stationery and printing
241
To interest
81
  By Expensesof 2006
600
To Entrance Fees
1,000
  By Fixed Deposit
1,000
  By balance c/f
895
8,385
8,385
  1. The Gymkhana has 450 members paying an annual subscription of
    Rs 10 each. Rs. 20 is still in arrears towards subscrption for the year 2006.
  2. Carry forward Rs. 20 for rates paid in advance.
  3. Provide Rs. 200 for salaries outstanding.
  4. The Gymkhana owns land & Building standing in the books of Rs. 15,000
    and Furniture standing at Rs.1,150,
    on which depreciation at 5% and 15% respectively is to be written off.
  5. Interest for 3 months at 12% p.a. is accured onInvestments.
  6. The Capital Fund as on 1.4.2006 was Rs.16,695.
  7. 50% of the entrance fees are to be capitalised.
  8. Donations are to be capitalised.
Q 2. From the following information, Prepare Income and Expenditure Account
for the year ended 31st March 2008 and Balance sheet as on that date.
  1. The Society has 1,500 members, each paying annual subscription of Rs. 12.
  2. Subscription of Rs. 100 pertaining to the year 2006-2007 are still in arrears.
  3. Value of Stationery at hand on 31st March 2007 was Rs. 200 and on 31st March 2008 was Rs.150.
  4. Entrance Fees are to be treated as Capital receipts.
  5. Salary of Rs. 700 for Current year is Unpaid.
  6. Balance as on 31st March 2007: Investment Rs.4,500 Building Rs. 25,000 Furniture Rs.200.
  7. Depreciate Building by 2.5% and Furniture by 5%.
Receipts
Amt. Rs
  Payments
Amt. Rs
To Cash in hand(1.4.2007)
1,750
  By Bank overdraft
2,500
To Subscriptions:-
  By Salaries
5,300
2006-2007
150
  By Furniture
2,000
2007-2008
14,100
  By Investments in Securities
4,000
2008-2009
75
  By printing and Stationery
800
To proceeds from Drama
2,500
  By Cost of Staging Drama
1,500
To Entrance Fees
800
  By Sundry Expenses
1,300
To Interest on Securities
500
  By Cash at Bank
2,500
To Sale of old Furniture
200
  By cash in Hand
175
20075
  
20075

Q 3 The following is the Receipts and payments Account of the Dostana Club 
for the year ended 31st March 2007
Receipts
Amt. Rs
  Payments
Amt. Rs
To Bank Balance b/d
1,020
  By salaries
4,160
To Entrance Fees
1,000
  By Rent
1,860
To Subscription:-
  By Electricity
1,280
2005-2006
250
  By Postage and Stationery
330
2006-2007
3050
  By Insurance Premium
180
2007-2008
350
  By General Expenses
460
To Sale of Investment
7,500
  By New Furniture(31.03.2007)
4,500
To 15% p.a. Loan from Mr Varma
2,000
  By Balance at bank
2,400
15,170
  
15,170
  1. The following information is also available:
31/03/2006
31/03/2007
Rent Due
180
360
Electricity Due
640
200
Insurance paid in Advance
50
70
Subscription Due
250
400
  1. The Cost of Investments, which are sold out, was Rs. 5,000 only.
  2. Furniture was valued at Rs. 3,000 on 31st March 2006 On 1.10 2006
    The Club purchased Additional Furniture at a cost of Rs. 5,200.
    Depreciation @ 15% p.a.is to be provided on all Furniture.
  3. The Entrance Fees are not to be Capitalised.
  4. Loan was taken on 1.10.2006.
You are required to prepare an Income and Expenditure Account for the Year ended 31.03.2007.

Q 4 Dr.Narendra commenced practice in the month of April 2007. He prepared the following 
Receipts and payments Account for the year ended 31st March 2007.
Receipts
Amt. Rs
  Payments
Amt. Rs
To Cash
10,000
  By Furniture
1,500
To Visits
7,000
  By Equipment
2,500
To Sundry Receipts
400
  By Drugs
2,000
  By Salaries
1,000
  by Rent
500
  By Conveyance
700
  By Stationery
100
  By Lighting
125
  By periodicals
100
  By Drawings
4,375
  By balance c/d
4,500
17,400
  
17,400
  1. Rs. 200 were to be received on Account of Visits.
  2. Unpaid Salaries Rs. 200.
  3. 60% of Conveyance is for private purpose.
  4. Value of Druges on hand was estimated at Rs.1,000.
  5. Depreciate Furniture and Equipments by 10%
Prepare Income and Expenditure A/C and Balance Sheet.

Q 5 From the following information relating to Thane Cricket Association, prepare Income and Expenditure Account for the year ended 31st March 2007 and Balance Sheet as on that date.
Receipts
Amt. Rs
  Payments
Amt. Rs
To Member's Subscription
10,000
  By Tournament Expenses
1,800
To Member's Admission
300
  By Maintenance Charges
1,500
ToMiscellaneous Receipts
400
  By Rates and Insurance
600
To Hire of Ground
1,000
  By Telephone
150
To Subscription for Tournments
3,000
  By printing and Stationery
300
Cash Drawn from Bank
6,000
  By General Charges
500
To Donation for prize Fund
10,000
  by Honorarium to Secretary
1,300
  By Fixed Deposit in Bank
6,000
  By Investment
9,550
  By Sports Equipment
2,000
  by payment into Bank
7,000
30,700
  
30,700


Assets on 1st April 2006 were:
Sports Equipments Rs.3,000 Cash at Bank Rs.6,000 Prepaid Insurance Rs.200
 
Subscription due to the Association Rs.600
Liabilities as on 1st april 2006
Printing and Stationery Rs.100 Honorarium to Secretary Rs. 100
You are furnished the following further information
Donation Rs.10,000 should be kept in a separate account. Subscription received for the year 2007-2008 are Rs. 1,000 while Subscription outstanding 31st March 2007 Rs.400
Investments are of the face value of Rs. 10,000 were purchased on 1st October 2006
 
Interest on Investment @ 12% p.a. has accrued Due.Write off 50% of Sports Equipments. Prepaid Insurance amounts to Rs. 250 and Secretary is to be given bonus of Rs.500.

Q 6 From the following Receips and payments Account of a Credit Club and the other information,Prepare Income and Expenditure Account for the year ended 31st March 2004 and Balance Sheet as on that Date.
Receipts
Amt. Rs
  Payments
Amt. Rs
To Balance Cash
352
  By crockery
265
To Bank Current A/C
2,738
  By Maintenance
682
To 6% Fixed Deposit(1/4/2003)
3,000
  By Match Expenses
1,324
To Subscription
  By salaries
1,100
(Including Rs. 600 of 2002-2003)
4,000
  By Conveyance
82
To Entrance Fees
275
  By Upkeep of Lawn
424
To Donation
501
  By postage Stamp
105
Interest on F.D.
90
  By Cricket Materials
972
To Turnament Fund
2,000
  By sundries
200
To Sale of Crockery
200
  By Investment
570
(Book Value Rs. 120)
  By Tournament Expenses
1,880
  By Cash in Hand
220
  By Current Account
2,332
  By Fixed Deposit
3,000
13,156
  
13,156
Additional Information:-Monthly Salary is Rs.100
31/03/2003
31/03/2004
The Value of unused Postage Stamps
75
90
Stock of Cricket Equipment
321
280
Arrears of Subscription
660
800
Outstanding Salary
300
500
Building
20,000
18,000
Furniture
8,000
7,200

Q 7 From the following Receips and payments Account of Ranade Dispensary ,Prepare Income and Expenditure Account for the year ended 31st March 2004 and Balance Sheet as on that Date.
Receipts
Amt. Rs
  Payments
Amt. Rs
To balance b/d
6,000
  By Creditors paid
60,000
To Subscription
1,00,000
  By Printing and Stationery
3,000
To Entrance fees
18,000
  By Furniture purchased
10,000
To Interest on Investment
14,000
  By Honorarium to Doctor
20,000
To Charity Show Realisation
30,000
  By Miscellaneous Expenses
1,000
To Outdoor patients collection
12,000
  By Equipments
30,000
  By Charity Show Expenses
2,000
  By Telephone Expenses
5,000
  By Salary
45,000
  By Balance c/d
4,000
1,80,000
  
1,80,000


Other Transactions
01/04/2003
31/03/2004
Subscription Due
1,000
5,000
Subscription Received in Advance
2,000
2,500
Stock of Medicines
20,000
30,000
Value of Equipment(WDV)
42,000
???
Building (WDV)
80,000
???
Telephone Expenses Outstanding
----
1,000
Misce Exp Outstanding
500
2,200
Outstanding Printing and Stationery
300
200
Creditors
16,000
24,000
Investments
1,00,000
1,00,000
Capital Fund
2,30,200
???


Adjustments:-
  1. 50% of Entrance fees are to be Capitalised.
  2. Medicines purchased during the year Rs. 68,000.
  3. Provide 10% Depreciation on Furniture purchased during the year Rs.12,000 on Equipments and Rs. 400 on Building.
Q 8 From the following Receips and payments Account of a Club , Prepare Income and Expenditure Account for the year ended 31st March 2004 and Balance Sheet as on that Date.
Receipts
Amt. Rs
  Payments
Amt. Rs
To Balance
4,200
  By Rent
14,000
To Donations
14,000
  By Salary
To subscription;
      2002-2003
2,800
2002-2003
2,100
      2003-2004
8,400
2003-2004
39,900
  By Sports Material
12,600
2004-2005
2,800
  By Interest(6% Loan)
1050
Interest on Match Fund Investment
2,800
  By Match Expenses
5,600
To Entrance Fees
9,800
  By Newspapers
1,400
  By Balance c/d
29,750
75,600
  
75,600
  1. Outstanding Subscription for 2003-2004 was Rs. 2,800.
  2. Entrance Fees for 2003-2004 Rs.1,400 was Outstanding.
  3. Donation amount includes special Donation for Match Fund Rs. 7,000.
  4. Outstanding Expenses for 2003-2004 were: Rent Rs. 1,400 Salary Rs. 2,800 and Repair Rs. 700.
  5. On 1st April 2003 Club had: Building Rs. 28,000: Sports Materials Rs. 14,000: Furniture 
    Rs. 14,000: Match Investment Rs. 21,000.Match Fund Rs. 21,000.Loan Taken is Rs. 17,500
  6. Interest accrued on loan Rs. 700 was Outstanding for the year 2003-2004
  7. Sports Materials were valued at Rs. 17,500 on 31/03/2004
  8. Capital Fund Opening Balance was Rs. 42,000.
  9. Treat Entrance Fees as Income.

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