CBSE Class 12 Accountancy HOTs Accounting for Not-for- Profit Organisation Set A
1. A non profit organisation follows hybrid system of accounting. Do you agree with this.
Ans.Yes. A non profit organisation follow the combina-tion of cash and accrual system ie, hybrid system.
2. Receipts and Payments Account is similar to a cash book. Do you agree? Comment.
Ans Yes, it is similar to a cash book and hence it serves the purpose of a cash book. All cash transactions, whether revenue or capital in nature are accounted for. This accounts begins with opening balance of cash and gives the cash balance at the end of the pe-riod.
HOTS (HIGHER ORDER THINKING SKILLS)
3. From the following particulars calculate the total amount of subscription to be credited to Income and Expenditure account for the year 2002.
Rs.
Subscription received during 2002 - 5,000
Subscription outstanding in 2001 - 200
Subscription outstanding in 2002 - 500
Subscription received in advance in 2001 - 400
Subscription received in advance in 2002 - 300
Solution:
4. From the following particulars, prepare a sub-scription account for the year 2001, total subscription received during the year 2001 is Rs. 10,000 (including Rs. 600 for the year 2,000 and Rs. 400 for the year 2002). Subscription received in advance in the year 2000 for the year 2001 was amounted to Rs. 500. Subscriptions outstanding during the year 2001 is Rs. 550.
