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प्रश्न
Write the word/phrase/term, which can substitute the following sentence.
The Form of Organization providing services to the society only.
उत्तर
The Form of Organization providing services to society only. - Not for profit concern
APPEARS IN
संबंधित प्रश्न
A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.
From the following Receipts and Payments Account of Nanasaheb Patil Engineering College, Faizpur for the year ending 31 March 2013 and additional information, Prepare Income and Expenditure Account for year ending 31/03/2013 and a Balance Sheet as on that date.
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d Cash in Hand Cash at Bank |
15,950 100,070 |
By Salaries to |
850,500 181,000 |
| To Interest | 51,000 |
By Electricity |
51,900 |
| To Subscriptions | 25,800 | By Books | 57,800 |
| To Life Membership Fees | 20,500 | By Furniture | 45,000 |
| To Donations | 636000 | By Stationery | 19,950 |
| To tuition Fees | 1120,000 | By Fixed Deposit 31/03/2013 | 750,000 |
| To Term Fees | 200,900 | By Balance c/d Cash in Hand Cash at Bank |
13500 262,500 |
| To Admission Fees | 55,000 | ||
| To Sundry Receipts | 6,930 | ||
| 2232,150 | 2232,150 |
Additional Information:
1)
| Particulars |
01/04/2012 |
31/03/2013 |
| Books |
5,50,000 |
5,50,000 |
| Furniture | 2,15,000 | 200,000 |
| Building Fund | 935,000 | ? |
| Fixed Deposits | 800,000 | ? |
| Capital Fund | 746,020 | ? |
2) 50% of Donations are for Building Fund and the balance is to be treated as revenue income.
3) Outstanding Subscription Rs 4,200.
4) Life Membership Fees are to be capitalized.
Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.
Balance Sheet as on 01.04.2009
| Liabilities |
Amount
(Rs.)
|
Assets |
Amount
(Rs.)
|
Amount
(Rs.)
|
| Capital Fund | 67,100 | Land | 120,000 | |
| Building Fund | 54,000 | Sports Material | 32,000 | |
| Bank Overdraft | 37,400 | Cash in Hand | 2,200 | |
| Outstanding Subscriptions | ||||
| 2007-2008 | Rs.1800 | |||
| 2008 - 2009 | Rs.2500 | 4,300 | ||
| 158,500 | 158,500 |
Receipts and Payments Account for year ending on 31-03-2010
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Amount (Rs.)
|
Payments |
Amount (Rs.) |
Amount |
| To Balance b/d (cash in Hand) |
2200 | Bank Overdraft (repaid) | 37,400 | ||
| To subscription | 69,800 | By Salaries | 25,600 | ||
| 2007-2008 | 1800 | By Electricity Charges | 2,250 | ||
| 2008-2009 | 2500 | By Rent and Taxes | 1,750 | ||
| 2009-2010 | 65500 | By Printing and Stationery | 5,100 | ||
| By Entertainment Expenses 31/03/2010 |
8,700 | ||||
| To Donations | 11,000 | By Balance c/d | |||
| To Entertainment Receipts | 8,800 | Cash in Hand Cash at Bank |
3,000 10,000 |
||
| To Entrance Fees | 2,000 | ||||
| 93,800 | 93,800 |
Adjustments:
1) Donation are received for Building Fund.
2) Entrance Fees are to be Capitalized.
3) Outstanding Subscription Rs 1,500.
4) Depreciate sport Material @ 12 1/2% p.a.
(Accounts of a Charitable Hospital)
Following information has been provided by “Janseva Charitable Hospital”, Latur. You are required to prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
| Capital Fund | 10,37,000 | Building | 10,00,000 |
| Bank Loan | 600,000 | Ambulance | 350,000 |
| Outstanding bill for Drugs | 45,000 | Stock of Drugs | 35,000 |
| Hospital Equipments | 295,000 | ||
|
Cash in Hand |
2,000 | ||
| 16,82,000 | 16,82,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d | 2,000 | By Purchases of Drugs | 190,000 |
| To subscription | 210,000 | By Salary of staff | 85,000 |
| To Life Membership Fees | 27,500 | By Honararium to Doctors | 385,000 |
| To Hospital Receipts (Revenue) | 520,900 | By Repairs and Maintenance | 17,900 |
| By Furniture | 40,000 | ||
|
By General Expenses |
12,600 | ||
|
By Balance c/d |
29,900 | ||
| 760,400 | 760,400 | ||
Adjustments:
1) On 31/03/2013 stock of Drugs was valued Rs 20,000.
2) Depreciate Building @ 5% p.a. and Ambulance by Rs 20,000
3) Life Membership Fees are to be capitalized.
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date for Suryodaya Club, Nasik.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.)
|
| Capital Fund | 50,000 |
Land |
60,000 |
| Bank Overdraft | 35,000 | Outstanding Subscriptions | 5,000 |
| Outstanding Salary | 2,000 | Prepaid Insurance Premium | 2,500 |
| Cash in Hand | 9,500 | ||
| Furniture | 10,000 | ||
| 87,000 | 87,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments | Amount (Rs.) | Amount (Rs.) |
| To Balance b/d | 9,500 | By Bank Overdraft (Repaid) | 35,000 | |
| To Subscription | 95,000 | By Salary | 12,500 | |
| To Admission Fees | 7,500 | By Insurance Premium | 8,000 | |
|
By Interest |
1,700 | |||
| By Miscellaneous Expenses | 4,400 | |||
| By Furniture | 20,000 | |||
| By Balance c/d Cash in Hand Cash at Bank |
5,400 25,000 |
30,400 | ||
| 112,000 | 112,000 |
Adjustments:
1) Subscriptions received, includes Rs 3,000 for 2011-2012 and Outstanding Subscriptions for 2012-2013 was Rs 8,000.
2) Salary Paid includes Rs 2,000 Paid for last year
3) On 31/03/2013, Prepaid Insurance Premium was Rs 3,000
4) Admissions Fees are to be capitalized.
5) Depreciate Furniture by Rs 2,000.
(Accounting of a School)
From the information given below of Jeevan Vikas Vidyalaya Khamgaon, You are required to prepare, Income and Expenditure Account and Balance Sheet for the year ending on 31.03.2011.
Balance Sheet as at 01.04.2010
| Liabilities |
Amount (Rs.)
|
Assets |
Amount (Rs.) |
| Capital Fund | 499,100 | Library Books | 115,500 |
| Loan | 500,000 | Laboratory Equipments | 125,000 |
| Furniture | 110,000 | ||
| Building | 625,000 | ||
| Cash in Hand | 3,500 | ||
| Cash at Bank | 20,100 | ||
| 999,100 | 999,100 |
Receipts and Payments Account for the year ending 31.03.2011
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount (Rs.)
|
| To Balance b/d | By Salaries | 625,200 | ||
| Cash in Hand | 3,500 | By Purchases i. Laboratory Equipments ii. Library Books iii. Furniture |
10,000 50,000 20,000 |
80,000 |
| Cash at Bank | 20,100 | By Sundry Expenses | 10,000 | |
| To Tuition Fees | 367,500 | By Printing and Stationery | 35,800 | |
| To Term Fees | 35,000 | By Annual Social Gathering Expenses |
18,000 | |
| To Admission Fees | 30,600 | By Balance c/d Cash in Hand Cash at Bank |
4,000 35,000 |
|
| To Government Grant (Revenue) | 350,000 | |||
| To Sundry Receipts | 1,300 | |||
| 808,000 | 808,000 |
Adjustments:
1) Tuition Fees Outstanding Rs 13,500
2) Outstanding Interest on Loan Rs 60,000
3) Entire admission Fees are to be Capitalized.
4) Depreciation is to be written off as under:
| Library Books Rs 50,000 | Furniture Rs 30,000 |
| Laboratory Equipment Rs 20,000 | Building Rs 30,000 |
(Only Income and Expenditure Account)
The following is the Receipts and Payments Account of Star Citizen’s Association, Bilaspur for the year ending on 31/03/2012
Receipts and Payment Account for the year ending on 31/03/2012
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount
(Rs.)
|
| To Balance b/d | 5,500 | By Postage and Telegram | 1,500 | ||
| To Subscriptions | 87,900 | By Stationary Purchased | 6,000 | ||
| 2010-2011 | 3,900 | By Fixed Deposits | 100,000 | ||
| 2011-2012 | 81,500 | By Picnic Expenses | 7,900 | ||
| 2012-2013 | 2,500 | By Salaries | 20,000 | ||
| To Entrance Fees (to be Capitalized) |
2,000 | By Annual General - meeting expenses |
4,500 | ||
| To Donations | 50,000 | By Insurance Premium | 3,450 | ||
| To Legacies | 10,000 |
By Sundry Expenses |
4,800 | ||
| To Interest on Deposits | 30,000 | By Furniture | 26,000 | ||
| To Picnic Receipts | 5,750 | By Balance c/d | 17,000 | ||
| 191,150 | 191,150 |
Adjustments:
1) Outstanding Picnic Receipts Rs 4,250.
2) Furniture was purchased on 01/10/2011 and it is to be depreciated @ 10% p.a.
3) Outstanding subscriptions for current year Rs 8,200.
4) Stock of Stationery on 01/04/2011 was Rs 650 and on 31/03/2012 was Rs 1,150.
5) Entries amount of legacies and 50% of Donations are to be capitalized.
With the above information, you are required to prepare Income and Expenditure Account for the year ending on 31/03/2012.
(Newly started Associations)
Following is the Receipts and Payments Account of Bavdhan Pensioners Association newly started on 01.04.2010.
Receipts and Payment Account for the year ending on 31-03-2011
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount
(Rs.)
|
| To Subscriptions received | 93,900 | By rent | 6,000 | ||
| For 2010-2011 | 85,000 | By Travelling Expenses | 2,800 | ||
| For 2011-2012 | 6,900 | By Expenses for get-together Function | 3,300 | ||
| For 2012-2013 | 2,000 | By Charity | 1,000 | ||
| To Entrance Fees | 11,000 | By Salaries | 4,500 | ||
| To Donations | 25,000 | By Furniture | 30,500 | ||
| By Fixed Deposit | 50,000 | ||||
| By Balance c/d | 31,800 | ||||
| 129,900 | 129,900 |
Adjustments:
1) Outstanding Subscription for current year Rs 10,000.
2) Entrance Fees are to be capitalized.
3) ‘Capital Fund’ should be created out of Entrance Fees and Surplus of the current year’.
4) Depreciate Furniture by Rs 2,500.
You are required to prepare Income and Expenditure Account for the year ending on 31/03/2011 and Balance Sheet as on that date.
(Simple Problem)
With the information given below, prepare Income and Expenditure Account and Balance sheet of Sudarshan charitable Organisation for the year ending on 31-03-2012.
Receipts and Payment Account for the year ending on 31-03-2012
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
Rs
|
Amount
Rs
|
| To Balance b/d | 40,000 | By Salaries | 18,000 | ||
| Cash in Hand | 500 | By Printing and stationery | 20,000 | ||
| Cash at Bank | 39,500 | By Charity Expenses | 20,000 | ||
| To Subscriptions (includes Rs 5,500 for 2009-10) |
81,000 | By Investments | 60,000 | ||
| Interest on Investments | 1,800 | By Office expenses | 2,000 | ||
| To Sale of Furniture (Book Value Rs 10,000) |
8,000 | By Balance c/d Cash in Hand |
700 | ||
| Cash at Bank | 10,100 | ||||
| 130,800 | 130,800 |
Additional Information:
1) There are Rs 800 members, paying annual subscription Rs 100 each.
2) Outstanding salary Rs 2,000.
3) The Assets on 01-04-2012 were as following:
Furniture Rs 40,000, Investment Rs 20,000, Land Rs 1,00,000
4) On 01-04-2012 Capital Fund was Rs 2,05,500
(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.
Receipts and Payments Account for year ending on 31-03-2013
Dr. Cr.
| Receipts |
Amount (Rs.) |
Amount (Rs.) |
Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions received | 487,500 |
Additional Information:
• Subscription received during the year, includes
• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000
• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.
• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.
State whether the following statement is True or False with reasons.
Charitable Institutions prepare Profit and Loss Account, at the end of every financial year.
Not for Profit Concern renders __________ services to public at large.
Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Not for Profit Organization never is engaged in __________ activities.
Not for Profit organization is called ________ organization.
Answer in one sentence only.
What do you mean by ‘Not for Profit’ Concern?
Following is the Balance Sheet on 1st April 2019 and Receipts and Payments Accounts of M.J.Liabrary. You are required to prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as of that date.
| Balance Sheet as on 1st April, 2019 |
|||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Fund | 15,00,000 | Furniture | 1,00,000 |
| Subscription Received in Advance | 6,000 | Books | 13,01,000 |
| Outstanding Expenses | 4,000 | Stock of Postage Stamps | 1,000 |
| Investment in Shares | 14,000 | ||
| Cash in Hand | 94,000 | ||
| 15,10,000 | 15,10,000 | ||
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d - Cash | 94,000 | By Salaries | 48,000 |
| To Members Subscription | 3,60,000 | By Purchase of postage Stamps | 3,000 |
| To Entrance fees | 60,000 | By Books (Purchased on 1-10-19) | 2,00,000 |
| To Hire of Lecture Hall | 24,000 | By Outstanding Expenses Paid | 4,000 |
| To Interest on Shares | 10,000 | By Investments in Fixed Deposits | 1,00,000 |
| To Life Members Fee | 20,000 | By Furniture (Purchases on 1-7-2019) | 60,000 |
| By Printing and Stationery | 12,000 | ||
| By Rent | 36,000 | ||
| By Balance c/d - Cash | 1,05,000 | ||
| 5,68,000 | 5,68,000 | ||
Adjustments:
(1) Depreciation on Books at 10% p.a.
(2) Depreciation on Furniture at 10% p.a.
(3) 50% Entrance fees and whole amount of Life Membership Fees should be capitalised.
(4) Library had 2,000 members paying Subscription ₹ 200 each.
(5) The value of unused Postage Stamps was ₹ 400.
What are the main characteristics of not-for-profit organizations?
Complete the following sentence.
______ is a membership fee paid by the member on annual basis. This is the main source of income for such organizations.
Pick the odd one out:
The amount of 'Entrance Fees' received by a Not-for-profit organization (if it is received regularly) is shown in which of the following?
What is meant by a Not For Profit Organisation?
Not for Profit Organization is also called ______ organization.
Not for Profit Concern renders ______ services to public at large.
Which of the following is not considered a tool for formative assessment?
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
Which of the following is not considerd a tool for formetive assesment?
Assertion: The SI system of units is the suitable system for measurements.
Reason: The SI unit of temperature is kelvin.
Consider the following statements and choose the appropriate answer.
- The Vellore revolt was held in 1801.
- The family members of Tippu were imprisoned at Vellore fort after the fourth Mysore war.
- At the time of Vellore revolt, the Governor of Madras was Lord William Bentinck.
- The victory of revolt of Vellore against British was one of the significant event in the history of India.
Consider the following satement and tick the appropriate asnwer
- The vellore revolt held in 1801.
- The family member of Tippu were imprisoned at vellore for after the fourt mysore war.
- At the time of vellore of revolt, the governor of madras was lord William Bentink.
- The victory of revolt of Vellore against British was one of the significant even in the history of india.
Find the Odd one.
Analogy
Knot in a thread : ______ friction; ball bearing : ______ friction.
Which the word/phease/term, which can subsitude the following sentence.
Persons who form the partnership firm.
Find the incoreect pair from group A and B.
What is the correct chronological order of four civilisations of Mesopotamia.
Find out the wrong pair
Match the following.
| 1. | Delhi | Kunwar singh |
| 2. | Kanpur | Khan Bahudar Khan |
| 3. | Jhansi | Nana Saheb |
| 4. | Bareilly | Lakshmi Bai |
| 5. | Bihar | Bahadur Shah II |
Not for profit concerns, do not prepare balance sheet.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 180,000; ₹ 160,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated, will be ______.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
