Accounts Test (NPO)
Q1. True or false.
1.
2.
3.
4.
5.
(5 Marks)
Receipts and Payment a/c shoes the receipts and Payments of revenue nature only.
Surplus of NPO is distributed among the members.
Proceeds from sale of old newspaper are taken as income.
Payment of honorarium is a revenue expenditure.
Any expenditure relating to special fund is deducted from that special fund.
Q2. Fill in the blanks ;
1.
2.
3.
4.
5.
(25 MARKS)
(5 Marks)
Subscription received in advance by a club are shown in the ________ side of the Balance Sheet.
If expenditure is ₹16,000 and Surplus credited to Capital Fund ₹4,500 , income is ______.
Excess of expenditure over income is ______ Capital Fund in the Balance Sheet.
______ year transactions are recorded in income and Expenditure account.
Life membership fees is shown on ______ side of balance sheet.
Q3. Multiple Choice Questions ; (4 Marks)
1. Item that should be debited in the income and expenditure account of a college is
a. Tuition fees received from students
b. Equipment purchased for science laboratory
c. Amount of reward
d. Fines collected from students
2. Funds raised by NPO for its operation are credited to
a. Capital Fund of NPO
b. General Fund of NPO
c. Reserve Fund pf Bank
d. Both (a) and (b)
3. Which of the following cannot be recorded in the receipt and Payment Account of a club?
a. Payment made to workers
b. Sale of old newspaper
c. Loss on sale of fixed assets
d. All of these
4. What will be the Capital Fund if total assets are of ₹2,00,000 and bank overdraft is ₹50,000 and
advance subscription is ₹40,000 ?
a. ₹ 2,90,000
b. ₹ 1,10,000
c. ₹ 2,40,000
d. ₹ 1,90,000
Q4. On 1st April 2020 the book value of machinery was ₹2,88,000 . On 1st July 2020, ¼th of the (2Marks)
machinery was sold for ₹ 50,000. Depreciation is being charged @ 10% p.a.
Show the following adjustment in income and Expenditure account for the year ended 31st March, 2021.
Q5. Following is the receipts and Payments Account of Green Club for the year ended 31st March, 2020
(6M)
Receipt and Payment Account
Dr.
For the year ended 31st March 2020
Cr.
Q6. From the following extract of receipts and Payments Account and additional information given (3M)
below ,compute the amount of income from subscription and show how they would appear in income
and Expenditure account for the year ended 31st March 2019 and in the Balance Sheet of the current
year.
Receipt and Payment Account
Dr.
RECEIPTS
For the year ended 31st March 2019
AMOUNT
PAYMENT
Cr.
AMOUNT
Subscription
2017-18
7000
2018-19
30000
2019-20
5000
ADDITIONAL INFORMATION;



Subscription outstanding on 31st March, 2018 is₹ 8500.
Total Subscription outstanding on 31st March, 2019 is ₹ 18500.
Subscription received in advance as on 31st March, 2018 was ₹ 4000.