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Accounting For Not-For-Profit Organisation
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From the following information, calculate the amount of income from subscriptions to be shown in the Income and Expenditure Account for the year ended 31-3-2011:
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Subscriptions received during the year 2010-2011 |
Rs |
3,40,000 |
|
Subscriptions outstanding as on 31-3-2011 |
Rs |
47,000 |
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Subscriptions received in advance as on 31-3-2011 |
Rs |
35,000 |
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Subscriptions outstanding as on 1-4-2010 |
Rs |
28,000 |
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Subscriptions received in advance as on 1-4-2010 |
Rs |
25,000 |
From the following Receipt and Payments Account of “Green Delhi Club” for the year ended 31-3-2011, prepare ˜Income and Expenditure Account”.
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Receipts and Payments Account of 'Green Delhi Club' for the year ended 31-3-2011 |
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Dr. |
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Cr. |
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Receipts |
Amount Rs |
Payments |
Amount Rs |
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To Balance b/d |
13,200 |
By Salary (paid for 11 months) |
2,200 |
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To Subscriptions |
|
25,500 |
By Rent |
800 |
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To Entrance Fee |
|
2,000 |
By Electricity |
3,500 |
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To Donations (includes Rs 1,000 for Buildings) |
3,000 |
By Takes |
2,600 |
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To Hall Rent |
2,500 |
By Printing and Stationery |
800 |
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To Sale of Investments (Book value Rs 4,000) |
3,500 |
By Books |
10,000 |
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By 9% Fixed Deposits (on 31-1-2011) |
13,000 |
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By Balance c/d |
16,800 |
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|
49,700 |
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49,700 |
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What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.
From the following information of a club, show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March, 2009 and 31st March, 2010.
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Details Amount Rs. |
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Match expenses (paid during the year 2009 - 2010) 30,000 Match Fund (as on 31-3-2009) 17,000 Donation for Match Fund (Received during the year 2009-2010 9,000 Proceeds from the sale of match tickets (Received during the year 2009-2010) 3,000 |
From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.
Rs.
Salaries paid 50,000
Lighting and Heating 5000
Printing and Stationery (including Rs. 500 for the previous year) 3500
Subscriptions received (including Rs. 2,000 received in advance
and Rs 5,000 for the previous year) 40,000
Net proceeds of Refreshment Room 45,000
Miscellaneous expenses 16,000
Interest paid on Loan for half year 1,200
Rent and Rates (including Rs. 1,000 prepaid) 7,5000
Locker rent received 4,500
Additional Information:
Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year's interest on loan was also outstanding.
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