ACCOUNTANCY
MONTHLY TEST APRIL
2019
M.M. 40 TIME-90
MIN
1. State with reasons whether the following statements
are TRUE or FALSE:
5
(i) Receipt and
Payment Account is a summary of all capital receipts and payments.
(ii) If there
appears a sports fund, the expenses incurred on sports activities will be shown
on the debit side of Income and Expenditure Account.
(iii) The
balancing figure on credit side of Income and Expenditure Account denotes
excess of expenses over incomes.
(iv) Scholarships granted to students out of funds
provided by government will be debited to Income and Expenditure Account.
(v) Receipt and Payment Account records the receipts and
payments of revenue nature only.
2. As per Receipt and Payment Account for the year ended
on March 31, 2017, the subscriptions received were Rs. 2,50,000.
Additional
Information given is as follows:
1. Subscriptions Outstanding on 1.4.2016 Rs. 50,000
2. Subscriptions Outstanding on 31.3.2017 Rs.35,000
3. Subscriptions Received in Advance as on 1.4.2016
Rs.25,000
4. Subscriptions Received in Advance as on 31.3.2017
Rs.30,000
Ascertain the amount of income from subscriptions for the
year 2016–17 and show how relevant items of subscriptions appear in opening and
closing balance sheets. 5
3. What amount of sports material will be posted to
Income and Expenditure Account for the year ended March 31, 2016 as
expenditure:
Amount
(Rs.)
Stock of sports materials as on April 1, 2014 7,500
Creditors for sports material as on April 1, 2014 2,000
Stock of sports material as on March 31, 2016 6,200
Amount paid for sports material during the year 2015-16 17,000
Advance paid for sports material as on March 31, 2016 3,500
Creditors for sports material as on March 31, 2016 1,200 5
4. Following is the information given in respect of
certain items of a Sports Club. Show these items in the Income and Expenditure
Account and the Balance Sheet of the Club: 6
Rs.
Sports Fund as on 1.4.2015 35,000
Sports Fund Investments 35,000
Interest on Sports Fund 4,000
Donations for Sports Fund 15,000
Sports Prizes awarded 10,000
Expenses on Sports Events 4,000
General Fund 80,000
General Fund Investments 80,000
Interest on General Fund Investments 8,000
6.State any five features of Not for profit
organisations. 5
7. Distinguish between Receipts and Payments Account and
Income and Expenditure Account. (Any Six basis). 6
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