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Commerce Exam > Commerce Notes > Accountancy Class 12 > Financial Statements of Not for Profit Organisations (Part - 2)

Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce PDF Download

Page No 1.58:

Question 11: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.

ANSWER:
Case 1

Case 2

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Question 12: In the year ended 31st March, 2019, subscriptions received by the Jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March, 2018. On 31st March, 2019, subscriptions due but not received were ₹ 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2019 as subscription?

ANSWER:

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Question 13:

There are 450 members, each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2018.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.
ANSWER:

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Question 14: In the year ended 31st March, 2019, subscriptions received by Kings Club, Delhi were ₹ 4,09,000 including ₹ 5,000 for the year ended 31st March, 2018 and ₹ 10,000 for the year ended 31st March, 2020. At the end of the year ended 31st March, 2019, subscriptions outstanding for the year ended 31st March, 2019 were ₹ 15,000. The subscriptions due but not received at the end of the previous year, i.e., 31st March, 2018 were ₹ 8,000, while subscriptions received in advance on the same date were ₹ 18,000.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.

ANSWER:

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Question 15: From the following information, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:

ANSWER:

Page No 1.59:

Question 16: Calculate amount of subscriptions which will be treated as income for the year ended 31st March, 2019 for each of the following cases:

ANSWER:
Case 1
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Case 2

Case 3

Case 4

Case 5

Page No 1.59:

Question 17: From the following particulars, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:

ANSWER:

Page No 1.59:

Question 18: How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheets as at 31st March, 2018 and 2019?

ANSWER:

Page No 1.60:

Question 19: From the following information, calculate amount of subscriptions outstanding for the year ended 31st March, 2019:
A club has 200 members each paying an annual subscription of ₹ 1,000. The Receipts and Payments Account for the year showed a sum of ₹ 2,05,000
received as subscriptions. The following additional information is provided :

ANSWER:

Page No 1.60:

Question 20: From the following information, prepare Subscription Account for the year ending 31st March, 2019:

In the year ending 31st March, 2019, subscription received were ₹ 2,10,000 (including ₹ 6,000 of arrears from previous year) and subscription arrears of previous year were written off ₹ 4,000.

ANSWER:

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Question 21: On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure Account of Good Health Hospital for the year ended 31st March, 2019:

Medicines purchased during the year ended 31st March, 2019 were ₹ 60,80,700.
ANSWER:

Page No 1.60:

Question 22:

ANSWER:

Page No 1.60:

Question 23: Calculate amount to be posted to the Income and Expenditure Account for the year ended 31st March, 2019:

ANSWER:
(a)

(b)
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
(c)

Page No 1.61:

Question 24: On the basis of the following information, calculate amount that will appear against the term 'Stationery Used' in the Income and Expenditure Account for the year ended 31st March, 2019:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
ANSWER:

Page No 1.61:

Question 25: Calculate the amount that will be posted to the income and Expenditure Account for the year ended 31st March, 2019:

ANSWER:

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FAQs on Financial Statements of Not for Profit Organisations (Part - 2) - Accountancy Class 12 - Commerce

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

Ans. Financial statements of not-for-profit organizations are formal records that provide a summary of the financial activities, position, and performance of an organization. These statements include the statement of financial position (balance sheet), statement of activities (income statement), statement of cash flows, and statement of functional expenses.

2. Why are financial statements important for not-for-profit organizations?

Ans. Financial statements are important for not-for-profit organizations as they provide transparency and accountability to stakeholders, including donors, members, and regulatory authorities. These statements help in assessing the financial health of an organization, making informed decisions, and ensuring compliance with legal and regulatory requirements.

3. 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. Not-for-profit organizations focus on their mission rather than generating profits. Therefore, their financial statements emphasize on tracking and reporting on the organization's ability to achieve its mission, rather than profitability. Additionally, not-for-profit organizations may have different revenue sources, such as donations and grants, which are recorded differently from sales revenue in for-profit organizations.

4. What information is included in the statement of activities for not-for-profit organizations?

Ans. The statement of activities for not-for-profit organizations includes information about the organization's revenues, expenses, gains, and losses. It provides a summary of the organization's financial performance over a specific period, showing the net increase or decrease in assets during that period. This statement helps stakeholders understand how the organization's resources are being utilized to achieve its mission.

5. How can financial statements of not-for-profit organizations be used for decision-making?

Ans. Financial statements of not-for-profit organizations can be used for decision-making in various ways. They provide information about the organization's financial health, liquidity, and sustainability, which can help stakeholders assess the organization's ability to meet its objectives. These statements also help in comparing the financial performance of different periods, identifying trends, and making informed decisions regarding resource allocation, fundraising strategies, and program effectiveness.

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Document Description: Financial Statements of Not for Profit Organisations (Part - 2) for Commerce 2024 is part of Accountancy Class 12 preparation. The notes and questions for Financial Statements of Not for Profit Organisations (Part - 2) have been prepared according to the Commerce exam syllabus. Information about Financial Statements of Not for Profit Organisations (Part - 2) covers topics like and Financial Statements of Not for Profit Organisations (Part - 2) Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Financial Statements of Not for Profit Organisations (Part - 2).

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