Submitted by: Submitted by mahesh
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Category: Business and Industry
Date Submitted: 03/09/2011 01:25 AM
Test-Non-Profit Organisation
MM-10 MT-1HR
1. Name the fund in which principal amount is kept intact till perpetuity and the income from such investment is used. (1)
2. What is the other name of Cash Trial in context of “Not-For-Profit Organizations” and why it is called so? (1)
3. What amount of medicine be posted in the Income and Expenditure Account?
Stock of medicine on 1.1.2009 Rs. 30,000
Creditors for medicine on 1.1.2009 Rs. 20,000
Stock of medicine on 31.12.2009 Rs. 5,000
Amount paid for medicine during the year 2009 Rs. 1,08,000
Advance paid for medicine on 31.12.2009 Rs. 3,000 (3)
4. Following is the Receipts and Payments Account of G.G sports club for the year ended 31st March 2007. Prepare Income and Expenditure Account for the year ended 31st March, 2007 and the Balance Sheet at 31st March, 2007.
Receipts and Payments Account
For the year ending 31st March 2007
DR. CR.
|Receipts |Amount |Payments |Amount |
|To balance b/d | 34,600 |By Salary | 2,700 |
|To Entrance Fee | 8,000 |By Stationery | 400 |
|To Life Membership Fees |14,400 |By Books | 4,000 |
|To Subscriptions |7,800 |By Telephone charges |1,000 |...