What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.
The Income and Expenditure Account in the case of not for profit organisations is prepared on accrual basis with the help of Receipts and Payments Account.
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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|
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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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Name the financial statement prepared by a Not-For-Profit Organisation on accrual basis.
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 |
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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 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 |
