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CBSE CLASS XII
Accounting for Not-for Profit Organisation
Q. 1. Following is the information given in respect of certain items of a sports club . you are required to show them in the income and Expenditure Account and the balance sheet of the club as on 31st march, 2008 .
| Sports Fund as on 1.4.2007 | 1,00,000 |
| Sports Fund Investments | 1,00,000 |
| Interest on sports fund investments | 10,000 |
| Donation of sports Fund | 40,000 |
| Sports prizes awarded | 30,000 |
| Expenses on sports events | 10,000 |
| General fund | 2,00.000 |
| General fund investments | 2,00,000 |
| Interest on general fund investments | 20,000 |
Q. 2. Subscriptions received during the year ended December 31,2007 are as follows:
| Rs. | Rs. | |
| For 2006 | 400 | |
| For 2007 | 21,100 | |
| For 2008 | 800 | 22,300 |
There are 450 members, each paying an annual subscription of Rs.50. Rs.450 were in arrears for 2006 at the beginning of 2007. Calculate the subscription to be shown in the Income and Expenditure Account for the year ended December 31, 2007.
Q. 3. From the following extracts of the Receipts and Payments Account and the additional information, you are required to compute the income and subscriptions for the year 31st December 2007 and show the subscription item in the final Accounts of the club.
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31ST December, 2007
| Receipts | Rs. | Payments | Rs. |
| To Subscriptions: | |||
| 2006 | 18,000 | ||
| 2007 | 1,00,000 | ||
| 2008 | 25,000 | ||
Additional Information:
- Subscriptions outstanding as on 31stDecember, 2006: Rs.20,000.
- Subscriptions outstanding as on 31stDecember, 2007: Rs.30,000.
- Subscriptions received in advance as on 31stDecember, 2006: Rs.20,000.
Paper By Mr. Rahul Kadd
Email Id : [email protected]
Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
Shalimar Bagh, Delhi-88
