Chandan Poddar

Test
Not-for Profit Organisation
Q.1 1st April, 2017, Assets of the Young India Club are as follows: 5
Rs.
Land and Building 2,00,000
Furniture
Cash in Hand 25,000
Subscriptions Receivable 30,000
Liabilities are as follows:
Bank Overdraft 20,000
Outstanding Salaries 5,000
Find out Capital Fund as on 1st April, 2017.
Q.2 How are following items accounted in case of a Not-For-Profit Organisation?
i) Tournament Fund Rs.20,000; Tournament Expenses Rs.6,000; Receipts from
Tournament Rs.8,000. 2
ii) Billiard Match Expenses Rs.2,500. 1
iii) Prize Fund Rs.10,000; Interest on Prize Fund Investments Rs.1,000; Prize paid
Rs.2,000; Prize Fund Investments Rs.8,000. 2
iv) Receipts from Cinema Show Tickets Rs.5,000; Expenses on Cinema Show Rs. 1,500.
1
v) Expenditure on construction of Pavilion Rs.6,00,000. The construction work is in
progress and not yet completed. Pavilion Fund as on 31st March, 2013 Rs.8,00,000.
Donation for Pavilion received on 15th September, 2013 Rs.10,00,000; Capital Fund
as at 31st March, 2013 Rs.20,00,000. 2
Q.3 From the following extract of the Receipts and Payments Account and the additional
information, you are required to compute income from subscriptions for the year ended 31st
March, 2018 and show it in the Final Accounts of the Club: 5
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2014

Particulars Rs. Particulars Rs.

To Subscriptions 1,00,000
Additional Information:

As at 31st March, 2017 As at 31st March, 2018

Rs. Rs.

YouTube Channel – Grooming Education Academy 99536 33448, 87502 77038

 Chandan Poddar
Subscriptions Outstanding 20,000 40,000
Subscriptions Received in Advance 30,000 20,000

Q.4 On the basis of the following information, calculate the amount to debited to Stationery
Account in Income and Expenditure Amount for the year ended 31st March, 2018: 4
Rs.
Stock of stationery on 1st April, 2017 3,000
Creditors for stationery on 1st April, 2017 2,000
Amount paid for stationery during 2017-18 10,800
Stock of stationery on 31st March, 2018 500
Creditors for stationery on 31st March, 2018 1,300
Also, show the above items in the Income and Expenditure Account for the year ended 31st
March, 2018 and in the Balance Sheet as at that date.
Q.5 From the following Income and Expenditure Account and the Balance Sheet of a club,
prepare its Receipts and Payments Account and Subscription Account for the year ended
31st March, 2018 : 8
Income & Expenditure Account for the year 2017-18
Expenditure Rs. Income Rs.
To Upkeep of Ground 10,000 By Subscriptions 17,320
To Printing 1,000 By Sale of Newspapers (Old) 260
To Salaries 11,000 By Lectures 1,500
To Depreciation on Furniture 1,000 By Entrance Fee 1,300
To Rent 600 By Misc. Income 400
By Deficit 2,820
23,600 23,600

Balance Sheet as at 31st March, 2018

Liabilities Rs.. Assets Rs.
Subscription in Advance Furniture 9,000
100
(2016-17) Ground and Building 47,000
Prize Fund : Opening Balance 25,000 Prize Fund Investment 20,000
Add : Interest 1,000 2,300
Cash in Hand
26,000 Subscription (outstanding) (2015-
Less : Prizes General Fund : (2,000) 24,000 16) 700
Opening Balance 56,420
Less : Deficit (2,820)

YouTube Channel – Grooming Education Academy 99536 33448, 87502 77038

 Chandan Poddar
53,600
Add : Entrance Fee 1,300
54,900
79,000 79,000
The following adjustments have been made in the above accounts:
i) Upkeep of ground Rs. 600 and Printing Rs. 240 relating to 2016-2017 were paid in 2017-
18.
ii) One-half of entrance fee has been capitalised by transfer to General Fund.
iii) Subscription outstanding in 2016-17 was Rs. 800 and for 2015-16 Rs.700.
iv) Subscription received in advance in 2016-17 was Rs.200 and in 2017-18 for 2017-18 Rs.
100.

YouTube Channel – Grooming Education Academy 99536 33448, 87502 77038