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Accounting For Not-For-Profit Organisation

Question

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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.

Solution

Expenditure		Amount (Rs)	Income		Amount (Rs)
To Salary paid Lighting and heating Printing and Stationary Less Miscellaneous expenses Interest paid on Loan for half year Add outstanding Rent and Rates Less prepaid To surplus a/c	3,500 500	50,000 5,000 3,000 16,000 2,400 6,500 7,600	By Subscription received Less received in advance Less previous year Add arrears Net proceeds of Refreshment Room Locker rent received	40,000 2,000 5,000	41,000 45,000 4,500
	1200 1200			33,000 8,000
	1200 1200
	7,500 1,000

		90,500			90,500

Some More Questions From Accounting For Not-For-Profit Organisation Chapter

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

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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