unit test 2
NNMHSS CHELEMBRA
ACCOUNTANCY C2A
TIME 1hr MARKS 20
Answer all the questions from 1 to 5. Each
question carries 1 score (1 x 5 = 5)
. From the following, identify the one which is not a feature of Receipts and Payments a/ c.
a. It includes all revenue and capital receipts and payments
b. Accounts relating to current year will only be considered in this account
c. Non cash items does not appear in this account
d. Both 'b' and 'c' above
2. Salary paid in advance Rs. 3,000 in a not for profit organisation during the current year is
a. An expense b. An income C. A liability d. An asset
3. . On January 1, 2015 an educational institution owned furniture ·worth Rs. 25,000 and at the end of the year the book value of the same was ta.ken as Rs. 23,000. How would you tr·ea.t the change in the value of asset while preparing final accounts?
4.The amount of property received by a not for profit organisation as stated in the will of a deceased person is
a. Donation b. Honorarium c. Legacy d. Endowment
5. Which of the following items that ·will not appear in the Balance Sheet of a club.
a. Special subscription for governor's party received during the current year
b. Subscription received for the next year
c. Subscription outstanding during the year
d. Subscription received for the current year
Answer any 5 questions from 6 to 11. Each question carries 2 Score (2 x 5 = 10)
6.The receipts and Payments A/ c of a club shows subscription amount of Rs. 1,00,000 for the year 2016-17. The club had 300 members, each paying an annual subscription of Rs. 500. Show how these will appear in the final accounts of that club.
7. Receipts and Payments account for the year 2016 - 17 shows purchase of investment @ 8% Rs. 30,000 on 01.04.2016. How do you treat the above at the time of preparation of final accounts?
10. The following excerpts have been taken from the Balance Sheet of a charitable institution
Balance Sheet as on 31.12.2015
Liability Amount
Match Fund 10,000
Add: Sale of tickets 18,000
28,000
Less Match Expenses 30,000
2,000
Do you think that the above treatment
is correct? If not, make necessary
rectifications.
11. A, Band C are partners with capitals of Rs. 10,000, Rs. 5,000 and Rs. 2,000 respectively. The profit and losses are shared as 3:2:1. A and B have guaranteed that C's share will not be less than Rs.6,000 in any year. The net profit for the year before providing interest on capital@ 8% p.a: was Rs. 18,000. Ascertain the amount of deficiency to be borne by 'A'and'B'.
Answer any one of the questions from 12-13 , 8 score ( 1 x 5 = 5)
12. From the following Receipts and Payments account of a Entertainment club and based on the additional information, You are required to prepare Income and Expenditure
account and Balance Sheet
Balance b/d 4000 Rent 2400
Donations 4000 Wages 2600
Subscriptions 21400 Books purchased 3000
Entrance fee 600 10% fixed deposits (on July 01, 2015) 20,000
Cash in hand 2000
30,000 30,000
Additional Information:
a,· On December 31, 2014 Club possessed books worth Rs. 25,000. Provide 10%
depreciation on books including purchases during the year.
b. Subscription in arrears at the beginning of the year amounted to Rs. 1000 and at
the end of the year Rs. 800 was outstanding.
13. Explain the books of accounts to be maintained and the final accounts to be
prepared for a not for profit organisation.
o
. From the following, identify the one which is not a feature of Receipts and Payments a/ c.
a. It includes all revenue and capital receipts and payments
b. Accounts relating to current year will only be considered in this account
c. Non cash items does not appear in this account
d. Both 'b' and 'c' above
2. Salary paid in advance Rs. 3,000 in a not for profit organisation during the current year is
a. An expense b. An income C. A liability d. An asset
3. . On January 1, 2015 an educational institution owned furniture ·worth Rs. 25,000 and at the end of the year the book value of the same was ta.ken as Rs. 23,000. How would you tr·ea.t the change in the value of asset while preparing final accounts?
4.The amount of property received by a not for profit organisation as stated in the will of a deceased person is
a. Donation b. Honorarium c. Legacy d. Endowment
5. Which of the following items that ·will not appear in the Balance Sheet of a club.
a. Special subscription for governor's party received during the current year
b. Subscription received for the next year
c. Subscription outstanding during the year
d. Subscription received for the current year
Answer any 5 questions from 6 to 11. Each question carries 2 Score (2 x 5 = 10)
6.The receipts and Payments A/ c of a club shows subscription amount of Rs. 1,00,000 for the year 2016-17. The club had 300 members, each paying an annual subscription of Rs. 500. Show how these will appear in the final accounts of that club.
7. Receipts and Payments account for the year 2016 - 17 shows purchase of investment @ 8% Rs. 30,000 on 01.04.2016. How do you treat the above at the time of preparation of final accounts?
10. The following excerpts have been taken from the Balance Sheet of a charitable institution
Balance Sheet as on 31.12.2015
Liability Amount
Match Fund 10,000
Add: Sale of tickets 18,000
28,000
Less Match Expenses 30,000
2,000
Do you think that the above treatment
is correct? If not, make necessary
rectifications.
11. A, Band C are partners with capitals of Rs. 10,000, Rs. 5,000 and Rs. 2,000 respectively. The profit and losses are shared as 3:2:1. A and B have guaranteed that C's share will not be less than Rs.6,000 in any year. The net profit for the year before providing interest on capital@ 8% p.a: was Rs. 18,000. Ascertain the amount of deficiency to be borne by 'A'and'B'.
Answer any one of the questions from 12-13 , 8 score ( 1 x 5 = 5)
12. From the following Receipts and Payments account of a Entertainment club and based on the additional information, You are required to prepare Income and Expenditure
account and Balance Sheet
Receipts and payments
Receipts PaymentsBalance b/d 4000 Rent 2400
Donations 4000 Wages 2600
Subscriptions 21400 Books purchased 3000
Entrance fee 600 10% fixed deposits (on July 01, 2015) 20,000
Cash in hand 2000
30,000 30,000
Additional Information:
a,· On December 31, 2014 Club possessed books worth Rs. 25,000. Provide 10%
depreciation on books including purchases during the year.
b. Subscription in arrears at the beginning of the year amounted to Rs. 1000 and at
the end of the year Rs. 800 was outstanding.
13. Explain the books of accounts to be maintained and the final accounts to be
prepared for a not for profit organisation.
o
