Important Questions

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CBSE CLASS XII

Q.1. During the year 2007 a club received Rs. 1, 00,000 as entrance fees.  According to accounting policy for the club 40% of the entrance fees is to be capitalized.  How will you deal with entrance fees received by NPO?

Q.2. What is meant by Fund Based Accounting?

Q.3. How would you calculate the amount of consumable materials?

Q.4. Difference between receipt and payment account and trial balance?

Q.5. Following are the brief particulars of cash transactions of Geeta Pustakalaya Allahabad for the year ended 31st December 2002.

Receipts Rs Payments Rs

To balance b/f

1319

By rent and rates

168

To entrance fees

255

By wages

245

To subscriptions

1600

By lighting

72

To donation

165

By lecturers fee

435

To life membership fee

250

By books

213

To interest

14

By office expenses

450

To profit on entertainment 

42

By 3% fixed deposits (1.7.2002)

800
   

By bank balance

242
   

By cash in hand

1020
  3,645   3,645

Library has books worth Rs 2,000 and furniture worth Rs 850 in the beginning of year. Outstanding subscription was Rs 35 in the beginning of year and Rs 45 at the end of year. Outstanding rent was Rs 60 in the beginning as well as at the end of year. Charge depreciation Rs 50 on Furniture and Rs 113 on Books. Required: from the above particulars prepare Income and Expenditure Account and Balance Sheet of Pustakalaya as on 31st December 2002.

Q.6. Following is the receipts and payment account of recreation club for the year ended 31st march 2007.

RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 07

Receipts Amount (Rs.) Payments Amount (Rs.)
To cash in hand

8320

By rent of hall

3640

To subscription

26000

By salaries

5200

To entrance fees

3900

By purchase of sports equipments

16640

To sale of refreshments

9880

By dance expenses

4940

To sale of dance tickets

5850

By supply of refreshment

6760

To interest on investments @ 7%

4550

By honorarium

1040

   

By sundry expenses 

3250

   

By electricity changes

1820

   

By cash at bank

15210

  58,500  

58,500

Following additional information's are also provided to you :

  1. Following were the assets and liabilities on 31st March, 2006 :
    Sports equipment Rs. 6,760, subscription in arrears Rs. 1,950, Furniture Rs. 12,480 Liabilities-Accrued rent Rs. 780 and subscription received in advance Rs. 520.
  2. 'Following were the assets and liabilities on 31st March 2007 :
    Sports equipments Rs. 19,760, Subscription in arrear Rs. 1,690, Furniture Rs. 11,180, Liabilities-accrued rent Rs. 390, subscription received in advance Rs. 2,340.
  3. Entrance Fees is to be capitalised.
    You are required to prepare income and expenditure account for the year ended 31st March, 2007 and balance-sheet as on that date.

Paper By Mrs. Meena
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