CBSE Class 12 Accountancy HOTs Accounting for Not-for- Profit Organisation

Please refer to CBSE Class 12 Accountancy HOTs Accounting for Not-for- Profit Organisation. Download HOTS questions and answers for Class 12 Accountancy. Read CBSE Class 12 Accountancy HOTs for Part 1 Chapter Accounting for Not-for-Profit Organisation below and download in pdf. High Order Thinking Skills questions come in exams for Accountancy in Class 12 and if prepared properly can help you to score more marks. You can refer to more chapter wise Class 12 Accountancy HOTS Questions with solutions and also get latest topic wise important study material as per NCERT book for Class 12 Accountancy and all other subjects for free on Studiestoday designed as per latest CBSE, NCERT and KVS syllabus and pattern for Class 12

Part 1 Chapter Accounting for Not-for-Profit Organisation Class 12 Accountancy HOTS

Class 12 Accountancy students should refer to the following high order thinking skills questions with answers for Part 1 Chapter Accounting for Not-for-Profit Organisation in Class 12. These HOTS questions with answers for Class 12 Accountancy will come in exams and help you to score good marks

HOTS Questions Part 1 Chapter Accounting for Not-for-Profit Organisation Class 12 Accountancy with Answers

 

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:

CBSE_Class_12_Accountancy_Accounting_for_non-profting_Set_A_1

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.

CBSE_Class_12_Accountancy_Accounting_for_non-profting_Set_A_2

5. From the following particulars of General Club, prepare a salary account for the year ending 31st March 2003.
                                                                  Rs.
Salary paid during the accounting year - 11,500
Salary outstanding on 01.04.2002             - 700
Salary paid in advance on 01.04.2002       -  550
Salary outstanding on 31.03.2003             - 850
Salary paid in advance on 31.03.2003       - 250
CBSE_Class_12_Accountancy_Accounting_for_non-profting_Set_A_3
6. The following particulars are extracted from the books of National Club. Locker rent received dur-ing the year 2001 amounted to Rs. 2,400. Rent out-standing on 01.01.2001 was Rs. 300 and  that on 31.12.2001 was Rs. 150. Rent received in advance for the year 2002 was Rs. 250. You are required to prepare Locker Rent Account, for the year ending 31st December 2001.
CBSE_Class_12_Accountancy_Accounting_for_non-profting_Set_A_4
7. Calculate  from  the  following  particulars,  the amount of stationery to be debited to Income and Expenditure Account.
                                                                              Rs.
Cash purchases of stationery during the year - 2,100
Due for stationery on closing date                   - 180
Stock of stationery on opening date                - 210
Stock of stationery on closing date                  - 130
CBSE_Class_12_Accountancy_Accounting_for_non-profting_Set_A_5

 

ACCOUNTING FOR – NOT FOR PROFIT ORGANISATIONS

1 Mark Questions

1 Mark Questions
Q.1 During the year 2007 a club received Rs. 1, 00,000 as entrance fees. According to accounting policy for the club 40% of the entrance fees is to be capitalised. How will you deal with entrance fees received by NPO?
 
Q.2 hat is meant by Fund Based Accounting ?
 
Q.3 How would you calculate the amount of consumable materials ?
 
Q.4 Difference between receipt and payment account and trial balance ?
 
ANSWERS
Ans.1 Entrance fees Rs. 60,000 (i.e. 60% of Rs. 1,00,000) will be credited to 'Income and Expenditure Account' and Rs. 40,000 (i.e. 40% of Rs. 1,00,000) will be added to capital fund in the balance sheet.
 
Ans.2 In fund based accounting separate accounts are maintained for specific activities of the organisation such as sports fund, price fund etc. All items related the specific funds are recorded fund wise and consolidation of these statements or accounts are presented in the financial results.
 
Ans.3 Opening stock of Material + purchase during the year - closing stock of material =consumable material.
CBSE_Class_12_Accounting_for_Not_profit_1
CBSE_Class_12_Accounting_for_Not_profit_2
CBSE_Class_12_Accounting_for_Not_profit_3
CBSE_Class_12_Accounting_for_Not_profit_4
CBSE_Class_12_Accounting_for_Not_profit_5
Part 1 Chapter 01 Accounting For Debentures Assignment
CBSE Class 12 Accountancy HOTs Accounting for Debentures
Part 1 Chapter 02 Accounting for Partnership Basic Concepts
CBSE Class 12 Accountancy HOTs Partnership Basic Concepts
Part 1 Chapter 03 Reconstitution of a Partnership Firm Admission of a Partner
CBSE Class 12 Accountancy HOTs Admission Of A Partner
Part 1 Chapter 04 Reconstitution of a Partnership Firm Retirement/Death of a Partner
CBSE Class 12 Accountancy HOTs Death Retirement Of A Partner
Part 1 Chapter 05 Dissolution of Partnership Firm
CBSE Class 12 Accountancy HOTs Dissolution of A partnership firm
Part 1 Chapter Accounting for Not-for-Profit Organisation
CBSE Class 12 Accountancy HOTs Accounting for Not-for- Profit Organisation
Part 2 Chapter 01 Accounting for Share Capital
CBSE Class 12 Accountancy HOTs Accounting For Share Capital
Part 2 Chapter 02 Issue and Redemption of Debentures
CBSE Class 12 Accountancy HOTs Issue And Redemption of Debentures
Part 2 Chapter 03 Financial Statements of a Company
CBSE Class 12 Accountancy HOTs Financial Statements of a Company
Part 2 Chapter 04 Analysis of Financial Statements
CBSE Class 12 Accountancy HOTs Analysis of Financial Statement
Part 2 Chapter 05 Accounting Ratios
CBSE Class 12 Accountancy HOTs Accounting Ratios
Part 2 Chapter 06 Cash Flow Statement
CBSE Class 12 Accountancy HOTs Cash Flow Statement

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CBSE Class 12 Accountancy Part 1 Chapter Accounting for Not-for-Profit Organisation HOTS

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CBSE HOTS Accountancy Class 12 Part 1 Chapter Accounting for Not-for-Profit Organisation

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