1. Write the characteristics of not-for-profit organization?
2. Write the features of Receipts & payments account?
3. From the given information prepare a receipt and payment account for SK ltd. For the year ended 31st March 2018.
|
Receipts |
Amount |
Payments |
Amount |
||
|
Opening cash balance |
25,000 |
Sale of old sports material |
30,000 |
||
|
Opening bank balance |
Donation received for pavilion |
115000 |
|||
|
Subscriptions collected for |
Rent paid |
75000 |
|||
|
Sports material purchased |
120000 |
|||
|
Purchase of refreshments |
15000 |
|||
|
225000 |
Expenses for maintenance of tennis court |
50000 |
||
|
Sale of refreshments |
25000 |
Salary paid |
62500 |
||
|
Entrance fees received |
25000 |
Tournament expenses |
60000 |
||
|
Furniture purchased |
37500 |
||||
|
Office expenses |
30000 |
||||
|
Closing hand in cash |
10000 |
4. Write the features of Income and Expenditure account?
5. Distinguish between Receipts & payment account and Income & Expenditure account?
1. From the given information prepare a receipt and payment account for SK ltd. For the year ended 31st March 2018.
|
Receipts |
Amount |
Payments |
Amount |
||
|
Opening cash balance |
25,000 |
Sale of old sports material |
30,000 |
||
|
Opening bank balance |
Donation received for pavilion |
115000 |
|||
|
Subscriptions collected for |
Rent paid |
75000 |
|||
|
Sports material purchased |
120000 |
|||
|
Purchase of refreshments |
15000 |
|||
|
225000 |
Expenses for maintenance of tennis court |
50000 |
||
|
Sale of refreshments |
25000 |
Salary paid |
62500 |
||
|
Entrance fees received |
25000 |
Tournament expenses |
60000 |
||
|
Furniture purchased |
37500 |
||||
|
Office expenses |
30000 |
||||
|
Closing hand in cash |
10000 |
2. Distinguish between Receipts & payment account and Income & Expenditure account?
3. Write the features of Receipts & payments account?
4. Explain the statement: "Receipt and Payment Account is a summarised version of Cash Book".
5. Show the treatment of items of Income and Expenditure Account when there is a specific fund for those items
1. Income and expenditure generally indicates -
(a) Net Profit
(b) Net Loss
(c) Capital
(d) Capital/Deficit
2. Amount received from old furniture is
(a)Loss
(b)Liability
(c)Earning
(d)Capital Receipt
3. Not for profit organisations prepare -
(a)Trading account
(b)Trading and Profit & Loss account
(c)Income and expenditure account
(d)All of the above
4. No cash transaction will be excluded from -
(a)Balance Sheet
(b)Profit & Loss account
(c)Receipts and Payment account
(d)Income and expenditure account
5. How much amount will be recorded in income and expenditure account if club has 300 members each paying an annual subscription of Rs. 100 outstanding subscription on 31st March 2020 was Rs. 3000
(a)Rs.30000
(b)Rs.40000
(c)Rs. 10000
(d)Rs. 33000