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NON PROFIT ORGANISATIONS ACCOUNTS CLASS 12 ; MCQs , NUMERICAL PROBLEMS

NON PROFIT ORGANISATION ACCOUNTS

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NON PROFIT ORGANISATION ACCOUNTS

Calculate the amount of credit purchase from  the following information:

Creditors for Stationery as at Ist April, 2020= Rs.  4, 600

Creditors for Stationery as at 31st March, 2021= Rs. 11, 800

During the year ended 31st March, 2021, payment made to creditors of Rs 56,800

Rs. 54, 000

Rs. 64, 000

Rs. 74, 000

Rs. 44,000

Answer: b

The following information has been extracted from the financial statement of a not-profit organisation for the year ended 31st March, 2019:

Opening balance of Match Fund = Rs. 5, 00, 000

Sale of Match Tickets = Rs. 3, 75, 000

Donation for Match Fund received during the year Rs = 1, 24, 000

Match Expenses = Rs. 10, 00, 000

This of the following statement is correct for the presentation of the above items in the financial statement of the not-for-profit organisation?

Negative balance of Match Fund Rs. 1, 000 will be shown on the liabilities side of the Balance Sheet as at 31st March, 2019.

Opening balance of Match Fund Rs. 5, 00, 000 will be shown on the liabilities side of Balance Sheet as at 1st April, 2018.

Negative balance of Match Fund Rs 1, 000 will be shown on the expenditure side of the Income and Expenditure Account for the year ended 31st March 2019.

Both (b) and (c).

Answer: d

NON PROFIT ORGANISATION ACCOUNTS

The following information below is related to an NPO given in Receipts and Payments A/c

To interest on investments = Rs. Nil

By 8% investments [01 – 10 – 18] = Rs 60, 000

If the firm closes its accounts on 31st March every year, what amount of accrued interest on investments will be shown in the Balance Sheet of the firm on

31-03-19?

Rs. 2, 400

Rs. 4, 800

Rs. 6, 000

None of these

Answer: a

Sports Star Charitable Club has income of Rs. 16, 000 and ‘deficit’ debited to capital fund of Rs. 4, 300 for the year 2019-20, then expenditure for 2019-20 is :

11, 700

4, 300

20, 300

None of these

Answer: c

From the following information, calculate the amount to be charged to Income and Expenditure Account for ‘ Sports material consumed’ for the year 2019-20

Stock of sports material (01-04-2019) = Rs. 60, 000

Account paid to creditors (during 2019-20) = Rs 3, 00, 000

Creditors for Sports Materials (01-04-2019) = Rs.1, 00, 000

Creditors for Sports Materials (31-03-2020) = Rs. 80, 000

Stock Materials sold during the year (Book value Rs. 35, 000) = Rs.15, 000

Cash purchase of Sports Material (during the year 2019-20) = Rs. 1, 30, 000

There was zero stock at the end of the financial year 2019-20.

4, 35, 000

4, 37, 000

4, 33, 000

4, 39, 000

Answer: a

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