Accounts of Non- Trading Organization — Important Questions
ICSE · Class 11 · Accountancy
51 important questions from Accounts of Non- Trading Organization for ICSE Class 11 Accountancy, with answers.
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Important Questions from Accounts of Non- Trading Organization
A club had opening outstanding salary of ₹1,000 and closing outstanding salary of ₹2,000. Salary paid during the year was ₹5,000. What salary expense is shown in Income and Expenditure Account?
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₹6,000
Salary expense = paid - opening outstanding + closing outstanding = 5,000 - 1,000 + 2,000 = ₹6,000.
A club purchased furniture for ₹20,000 and used it for 6 months. Depreciation is 8% per year. What is the depreciation for the year?
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₹800
Depreciation = 8% on ₹20,000 for 6 months = 20,000 × 8/100 × 6/12 = ₹800.
Receipts and Payments Account records opening and closing cash balances, but Income and Expenditure Account does not. Which statement is correct about this difference?
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Only Receipts and Payments Account shows cash balances.
Receipts and Payments Account starts with opening cash and bank balances and ends with closing cash and bank balances. Income and Expenditure Account shows surplus or deficit, not cash balances.
Which account is a nominal account prepared on accrual basis for a non-trading organization?
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Income and Expenditure Account
Income and Expenditure Account is prepared on accrual basis and is treated as a nominal account.
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