Page 3 - tmp

SAI INTERNATIONAL SCHOOL
Subject – ACCOUNTANCY
Assessment- 1 (Module No-3)

Topic/Sub-topic: NPO
General Instruction:

There should be 10 MCQ questions of the following skill

1. Knowledge based- 2 No of questions
2. Concept based- 3 No of questions
3. Understanding based- 3 No of questions
4. Application based- 2 No of questions
Please provide the KEY(answer in the form of option as a, b, c, d) with the question itself.

Subscription received in cash during the year amounted to Rs.5,00,000; subscription
outstanding at the end of previous year was Rs. 20,000 and outstanding at the end of current
year was Rs.25,000. Subscription received in advance for next year was Rs.8,000 and received
1 in advance during previous year was Rs.7,000. The amount credited to Income & Expenditure CD
Account will be :
(a) Rs.5,04,000 (b) Rs.5,06,000 (c) Rs.4,96,000 (d) Rs.4,94,000
Ans. (a)
Subscription received in cash during the year amounted to Rs.60,000; subscription received in
advance for next year was Rs.3,000 and received in advance during previous year was Rs.2,000.
Subscription in arrear at the end of current year was Rs.5,400. The amount credited to Income
2 KA
& Expenditure Account will be
(a) Rs.53,600 (b) Rs.66,400 (c) Rs.55,600 (d) Rs.64,400
Ans. (d)
Subscription received in cash during the year amounted to Rs.3,00,000; subscription received in
advance for next year was Rs.10,000 and received in advance during previous year was
Rs.8,000. Subscription in arrear at the end of previous year was Rs.18,000 and subscription in
3 arrear at the end of current year was Rs.12,000. The amount credited to Income & Expenditure KE
Account will be:
(a) Rs.2,96,000 (b) Rs.3,04,000 (c) Rs.2,92,000 (d) Rs.3,08,000
Ans. (c)
st
What amount will be credited to the Income and Expenditure Account for the year ending 31
March, 2010 on the basis of the following information ?:
31-3-2009 31-3-2010
4 Outstanding Subscription 10,000 25,000 CA
Advance Subscription 3,000 2,000
(a) Rs.3,84,000 (b) Rs.4,16,000 (c) Rs.3,86,000 (d) Rs.4,14,000
Ans. (b)
There are 200 members, each paying an annual subscription of Rs.1,000; subscription received
during the year Rs.1,95,000; subscriptions received in advance at the beginning of the year
Rs.3,000 and at the end of the year Rs.2,000. Amount shown in Income & Expenditure Account
5 UA
will be :
(a) Rs.2,00,000 (b) Rs.1,96,000 (c) Rs.1,94,000 (d) Rs.2,01,000
Ans. (a)
The opening balance of Prize Fund was Rs.32,800. During the year, donations received towards
this fund amounted to Rs.15,400; amount spent on prizes was Rs.12,300 and interest received
6 on prize fund investment was Rs.4,000. The closing balance of Prize Fund will be : CH
(a) Rs.56,500 (b) Rs.64,500 (c) Rs.39,900 (d) Rs.31,900
Ans. (c)
Salary paid in cash during the current year was Rs.80,000; Outstanding salary at the end was
Rs.4,000; Salary paid in advance last year pertaining to the current year was Rs.3,200; paid in
advance during current year for next year was Rs.5,000. The amount debited to Income and
7 Expenditure Account will be : UE
(a) Rs.85,800 (b) Rs.77,800 (c) Rs.82,200 (d) Rs.74,200
Ans. (c)