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Financial Statements of Not for Profit Organisations (Part - 5 ) | Accountancy Class 12 - Commerce PDF Download

Page No 1.68:

Question 46: From the following Receipts and Payments Account and
additional information relating to the star Cricket Club, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as at that date:

Subscriptions due on 31st March, 2019 amounted to ₹ 7,500. Write off 50% of Bats, Balls (not considering sale) and 25% of Stationery.

ANSWER:

3)

Page No 1.69:

Question 47: From the following Receipts and Payments Account of Mumbai Theatre Club, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as at that date:

Additional Information:
(i) Subscriptions in arrear for the year ended 31st March, 2019 ₹ 9,000 and subscriptions in advance for the year ending 31st March, 2020 ₹ 3,500.
(ii) Insurance Premium outstanding ₹ 400.
(iii) Miscellaneous expenses prepaid ₹ 900.
(iv) 8% interest has accrued on investment for five months.
(v) Billiard Table costing ₹ 3,00,000 was purchased during last year and ₹ 2,20,000 were paid for it.
ANSWER:

Working Notes: 1)

2)

Page No 1.69:

Question 48: Following Receipts and Payments Account was prepared from the Cash Book of Delhi Charitable Trust for the year ending 31st March, 2019:

Prepare Income and Expenditure Account for the year ended 31st March, 2019, and Balance Sheet as on that date after the following adjustments:
(i) Insurance premium was paid for insurance taken w.e.f. 1st July, 2018.
(ii) Interest on investment ₹ 11,000 accrued was not received.
(iii) Rent ₹ 6,000; Salary ₹ 9,000 and advertisement expenses ₹ 10,000 outstanding as on 31st March, 2019.
(iv) Legacy Donation is towards construction of Library Block.
ANSWER:

Working Notes

WN1: Ascertainment of Capital Fund
Financial Statements of Not for Profit Organisations (Part - 5 ) | Accountancy Class 12 - Commerce

Page No 1.70:

Question 49: Given Below is the Receipts and Payments Account of a Mayur Club for the year ended 31st March, 2019:

Prepare club's Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as at that date after taking the following information into account:
(i) There are 500 members, each paying an annual subscription of ₹ 500, ₹ 5,000 are still in arrears for the year ended 31st March, 2018.
(ii) Municipal Taxes amounted to ₹ 4,000 per year is paid up to 30th June and ₹ 5,000 are outstanding of salaries.
(iii) Building stands in the books at ₹ 5,00,000.
(iv) 6% interest has accrued on investments for five months.
ANSWER:

Page No 1.70:

Question 50: From the following Receipts and Payments Account of Kapil Dev Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st December, 2019 and the Balance Sheet as at that date:

Additional Information:
(i) The club had received ₹ 20,000 for subscription in 2017-18 for 2018-19.
(ii) Salaries had been paid only for 11 months.
(iii) Stock of sports materials on 31st March, 2018 was ₹ 3,00,000 and on 31st March, 2019 ₹ 6,50,000.

ANSWER:

Financial Statements of Not for Profit Organisations (Part - 5 ) | Accountancy Class 12 - Commerce

Page No 1.71:

Question 51: From the following information and Receipts and Payments Account of Delhi Medical Society, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as at that date.

Other information:
On 31st March, 2018, the Club possessed books of ₹ 2,00,000 and Furniture of ₹ 85,000. Provide depreciation on these assets @ 10% including the purchases during the year.
Subscriptions in arrears in the beginning of the year amounted to ₹ 3,500 and at the end of the year ₹ 5,500 were outstanding.
The Club paid three months' rent in advance both in the beginning and at the end of the year.

ANSWER:

Working Note:
Calculation of Interest Accrued on Fixed Deposits
Financial Statements of Not for Profit Organisations (Part - 5 ) | Accountancy Class 12 - Commerce

Page No 1.71:

Question 52: Receipts and Payments Account of Shankar Sports Club is given below for the year ended 31st March, 2019:

Prepare Income and Expenditure Account and Balance Sheet with the help of following information:
Subscription outstanding on 31st March, 2018 is ₹ 1,200 and ₹ 2,300 on 31st
March, 2019; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2018 and ₹ 1,500 is still unpaid. On 1st April, 2018 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2019. The club has a loan of ₹ 20,000 (@ 10% p.a.) which was taken, in year ended 31st March, 2018.
ANSWER:

Page No 1.72:

Question 53: From the following particulars relating to the Ramakrishna Mission Charitable Hospital, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as at that date.

ANSWER:

Page No 1.72:

Question 54: Following is the Receipt and Payment Account of Women's Welfare Club for the year ended 31st March, 2019:

Prepare Income and Expenditure Account for the year ended 31st March, 2019,and Balance Sheet as on that date.
ANSWER:

Working Notes

WN1: Ascertainment of Capital Fund
Financial Statements of Not for Profit Organisations (Part - 5 ) | Accountancy Class 12 - Commerce

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FAQs on Financial Statements of Not for Profit Organisations (Part - 5 ) - Accountancy Class 12 - Commerce

1. What are financial statements of not-for-profit organizations?

Ans. Financial statements of not-for-profit organizations are documents that provide a summary of the financial activities and performance of a non-profit organization. These statements include the balance sheet, income statement, and cash flow statement, which help stakeholders understand the organization's financial position and how it is utilizing its resources.

2. How are financial statements of not-for-profit organizations different from those of for-profit organizations?

Ans. Financial statements of not-for-profit organizations differ from those of for-profit organizations in several ways. While for-profit organizations focus on generating profits for shareholders, not-for-profit organizations aim to fulfill their mission and serve the public interest. As a result, not-for-profit organizations do not have an owner's equity section in their balance sheet and may have different revenue and expense categories.

3. What is the purpose of the balance sheet in the financial statements of not-for-profit organizations?

Ans. The balance sheet in the financial statements of not-for-profit organizations provides a snapshot of the organization's financial position at a specific point in time. It shows the organization's assets, liabilities, and net assets, helping stakeholders assess its liquidity, solvency, and overall financial health. The balance sheet is essential for understanding the organization's financial stability and its ability to meet its long-term obligations.

4. How does the income statement in the financial statements of not-for-profit organizations differ from that of for-profit organizations?

Ans. The income statement in the financial statements of not-for-profit organizations differs from that of for-profit organizations primarily in the way it presents revenues and expenses. In a not-for-profit organization's income statement, revenues are often categorized as contributions, grants, or program service revenue, reflecting the organization's primary sources of funding. Expenses are typically classified by program or supporting activities, illustrating how the organization utilizes its resources to fulfill its mission.

5. What is the significance of the cash flow statement in the financial statements of not-for-profit organizations?

Ans. The cash flow statement in the financial statements of not-for-profit organizations provides information about the organization's cash inflows and outflows during a specific period. It helps stakeholders understand the organization's ability to generate and manage cash, assess its liquidity position, and evaluate its cash flow sources and uses. The cash flow statement is crucial for determining whether the organization has sufficient cash to cover its operations, investments, and financing activities.

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