Accounts of Non- Trading Organization
ICSE · Class 11 · Accountancy
Practice quiz for Accounts of Non- Trading Organization — ICSE Class 11 Accountancy. MCQs and questions with answers to test your preparation.
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Quick Quiz: Accounts of Non- Trading Organization
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A club had opening stock of stationery ₹50,000, closing stock ₹40,000, payments for stationery ₹2,00,000, creditors for stationery ₹20,000 at the beginning, and creditors ₹10,000 at the end. What is the amount of stationery consumed during the year?
A club bought investments of ₹25,000 on 01-04-2015 at 12% annual interest. If interest received during the year was ₹2,000, what is the accrued interest at year end?
A tournament fund had an opening balance of ₹30,000. During the year, contributions received for matches were ₹6,000, tournament expenses were ₹8,000, and interest on tournament fund investment was ₹3,000. What is the closing balance of the tournament fund?
A club had opening capital fund ₹49,000. It received entrance fees ₹500 and showed surplus ₹1,128 for the year. What is the closing capital fund?
Sample Questions
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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