Accounts of Not-For-Profit Organisation — Accountancy STD 12 — Question

Calculate the current ratio from the following information.

Particulars	₹	Particulars	₹
Current investments	40,000	Fixed assets	5,00,000
Inventories	2,00,000	Trade creditors	80,000
Trade debtors	1,20,000	Bills Payable	50,000
Bills receivable	80,000	Expenses payable	20,000
Cash and cash equivalents	10,000	Non-Current liability	3,00,000

How the following items are dealt with in the final accounts of the not-for-profit organisation?

1. Sale of sports materials
2. Life membership fees
3. Tournament fund

From the following calculate gross profit ratio:
Gross profit = ₹ 50,000
Sales = ₹ 5,50,000
Sales return = ₹ 50,000

Rosi, Rathi and Rani are partners of firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of ? 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

From the following information calculate the capital gearing ratio:

Balance Sheet (Extract) as on 31.03.2018
Particulars	Amount ₹
I. EQUITY AND LIABILITIES
1. Shareholders Funds
(a) Share capital
Equity share capital	4,00,000
5% Preference share capital	1,00,000
(b) Reserves and surplus
General reserve	2,50,000
Surplus	1,50,000
2. Non-current Liabilities
Long-term borrowings (6% Debentures)	3,00,000
3. Current liabilities
Trade payables	1,20,000
provision for tax	30,000
Total	13,50,000

Calculate gross profit ratio form the following: Revenue from operations ₹ 2,50,000, Cost of revenue from operation ₹ 2,10,000 and Purchases ₹ 1,80,000.

Govind and Gopal are partners in a firm sharing profits in the ratio of 5 : 4. They admit Rahim as a partner. Govind surrenders 2/9 of his share in favour of Rahim. Gopal surrenders 1/9 of his share in favour of Rahim. Calculate the new profit sharing ratio and sacrificing ratio.

Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4 : 1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at ₹ 25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.

Write a brief note on accounting vouchers.

What is the inventory conversion period? How is it calculated?