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Accounting For Not-For-Profit Organisation
Name the financial statement prepared by a Not-For-Profit Organisation on accrual basis.
The financial statement prepared by a Not- For- profit organisation on accrual basis is Income and Expenditure Account.
Some More Questions From Accounting For Not-For-Profit Organisation Chapter
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:
Subscriptions received during the year 2010-2011
Rs
3,40,000
Subscriptions outstanding as on 31-3-2011
Rs
47,000
Subscriptions received in advance as on 31-3-2011
Rs
35,000
Subscriptions outstanding as on 1-4-2010
Rs
28,000
Subscriptions received in advance as on 1-4-2010
Rs
25,000
Subscriptions received during the year 2010-2011
Rs
3,40,000
Subscriptions outstanding as on 31-3-2011
Rs
47,000
Subscriptions received in advance as on 31-3-2011
Rs
35,000
Subscriptions outstanding as on 1-4-2010
Rs
28,000
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”.
Receipts and Payments Account of 'Green Delhi Club'
for the year ended 31-3-2011
Dr.
Cr.
Receipts
Amount
Rs
Payments
Amount
Rs
To Balance b/d
13,200
By Salary
(paid for 11 months)
2,200
To Subscriptions
25,500
By Rent
800
To Entrance Fee
2,000
By Electricity
3,500
To Donations (includes Rs 1,000 for Buildings)
3,000
By Takes
2,600
To Hall Rent
2,500
By Printing and Stationery
800
To Sale of Investments
(Book value Rs 4,000)
3,500
By Books
10,000
By 9% Fixed Deposits
(on 31-1-2011)
13,000
By Balance c/d
16,800
49,700
49,700
Receipts and Payments Account of 'Green Delhi Club'
for the year ended 31-3-2011
Dr.
Cr.
Receipts
Amount
Rs
Payments
Amount
Rs
To Balance b/d
13,200
By Salary
(paid for 11 months)
2,200
To Subscriptions
25,500
By Rent
800
To Entrance Fee
2,000
By Electricity
3,500
To Donations (includes Rs 1,000 for Buildings)
3,000
By Takes
2,600
To Hall Rent
2,500
By Printing and Stationery
800
To Sale of Investments
(Book value Rs 4,000)
3,500
By Books
10,000
By 9% Fixed Deposits
(on 31-1-2011)
13,000
By Balance c/d
16,800
49,700
49,700
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.
Details Amount Rs.
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
Details Amount Rs.
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.
and Rs 5,000 for the previous year) 40,000
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