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प्रश्न
Present the following information for the year ended 31st March 2018 in the financial statements of a not-for-profit organisation.
| Particulars | (₹) |
| Opening balance of Match Fund | 5,00,000 |
| Sale of Match tickets | 3,75,000 |
| Donations for Match Fund received during the year | 1,24,000 |
| Match expenses | 10,00,000 |
उत्तर
Balance Sheet of a Not-for-profit organisation As on 31st March 2018
(An Extract)
| Liabilities |
Amount (₹) |
Assets | Amount (₹) | |
| Match Fund | 5,00,000 | |||
| Add: Receipts from sale of Match Tickets | 3,75,000 | |||
| Donations | 1,24,000 | |||
| Chandan | 9,99,000 | |||
| Less: Match Expenses (To the extent of available funds) | (9,99,000) | NIL | ||
Income and Expenditure Account
For the year ended 31st March 2018
(An Extract)
| Expenditure |
Amount (₹) |
Income | Amount (₹) |
| To Match Expenses | |||
| (Excess of expenses over Match Fund) | 1,000 | ||
| (10,00,000 – 9,99,000) | |||
APPEARS IN
संबंधित प्रश्न
Following is the information in respect of certain items of a Sports Club. You are required to show them in the Income and Expenditure Account and the Balance Sheet.
| Details | Amount (Rs) |
| Sports Fund as on April 1, 2016 | 80000 |
| Sports Fund Investments | 80000 |
| Interest on Sports Fund Investments | 8000 |
| Donations for Sports Fund | 30000 |
| Sports Prizes awarded | 16000 |
| Expenses on Sports Events | 7000 |
| General Fund | 200000 |
| General Fund Investments | 200000 |
| Interest on General Fund Investments | 20000 |
How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2019 in each of the following alternative cases?
Case I During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.
Case II During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.Out of this, ₹ 25,000 was received from individuals whose membership is not yet approved.
What is the nature of the Income and expenditure Account?
Income and Expenditure Account records ______.
Assertion (A): The Income and Expenditure Account is like the cash book.
Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year by the non-profit organisation.
Subscriptions received in cash during the year amount to ₹ 50,000, the amount received in advance for the next year is ₹ 5,000, and the amount outstanding for the current year was ₹ 5,000. The amount to be debited to the Income and Expenditure Account is:
If there is a 'Match Fund', then match expenses and incomes are transferred to ______
The amount received from sale of old sports materials by an organisation will be shown in which of the following?
Sports expenses of Friends Club are ₹ 27,000 (including ₹ 7,000 prepaid expenses). The amount to be credited to the Receipts and Payments account will be:
From the following 'Receipts and Payments Account' of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account:
| Receipts and Payments Account of Golden Club for the year ended 31.3.2022 |
|||||
| Receipts | Amount (₹) | Amount (₹) | Payments | Amount (₹) | Amount (₹) |
| Balance b/d | Honorarium | 75,000 | |||
| Cash | 70,000 | 2,70,000 | Stationery | 15,000 | |
| Bank | 2,00,000 | Electricity Bill | 35,000 | ||
| Subscriptions | 2,00,000 | Rent | 1,20,000 | ||
| Entrance Fees | 50,000 | Furniture | 1,80,000 | ||
| Sale of old newspaper | 2,000 | Fixed Deposit @ 9% p.a. on 31.03.2022 | 1,00,000 | ||
| Sale of old furniture (book value ₹ 10,000) | 4,000 | Balancec/d | |||
| Donations | 45,000 | Cash | 26,000 | 76,000 | |
| Life membership fees | 30,000 | Bank | 50,000 | ||
| 6,01,000 | 6,01,000 | ||||
Additional Information:
- Club had 1750 members each paying an annual subscription of ₹ 100.
- Furniture was purchased on 31.3.2022.
