Commerce Exam > Commerce Notes > Additional Study Material for Commerce > NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations
NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations | Additional Study Material for Commerce PDF Download
PAGE NO. 55
Q.8. Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017:
Other Information:
Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2013 Rs 250. Salary outstanding on December 31, 2013 Rs 1,000.
On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).
Ans.
Q.9. From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017.
Additional Information:
Ans.
PAGE NO. 56
Q.10. Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017
Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid.
On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
On March 31, 2017. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017*.
Ans.
PAGE NO. 57
Q.11. Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2006 from the following Receipt and Payment Account and Balance Sheet of culture club:
Ans.
PAGE NO. 58
Q.12. From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017.
Additional Information:
1. The Club had 500 members each paying an annual subscription of Rs 150.
2. On 31.3.2016 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2015–16.
3. Provide 5% depreciation on Land and Building.
Ans.
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FAQs on NCERT Solution (Part - 3) - Accounting for Not for Profit Organisations - Additional Study Material for Commerce
| 1. What is the meaning of not-for-profit organizations in accounting? |  |
Ans. Not-for-profit organizations are entities that operate for the benefit of society and not for making profits. In accounting, such organizations follow a different set of financial reporting standards compared to for-profit entities. They focus on providing services and fulfilling their objectives rather than maximizing financial gains.
| 2. How are donations and grants accounted for in not-for-profit organizations? | |
Ans. Donations and grants received by not-for-profit organizations are recorded as income. They are typically classified under specific categories such as "Donations" or "Grants" in the income statement. These funds are used to support the organization's activities and achieve its objectives.
| 3. How are expenses allocated in not-for-profit organizations? | |
Ans. Expenses in not-for-profit organizations are allocated based on their nature and purpose. Common expense categories include program expenses (directly related to providing services), administrative expenses (supporting the organization's operations), and fundraising expenses (related to raising funds). The allocation is done to ensure transparency and to provide stakeholders with a clear understanding of how funds are utilized.
| 4. How are surplus or deficit calculated in not-for-profit organizations? | |
Ans. Surplus or deficit is calculated by comparing the total revenue earned by a not-for-profit organization with its total expenses. If the revenue exceeds the expenses, it results in a surplus. Conversely, if the expenses exceed the revenue, it leads to a deficit. This calculation helps in assessing the organization's financial performance and sustainability.
| 5. Are not-for-profit organizations exempt from paying taxes? | |
Ans. Not-for-profit organizations may be exempt from paying certain taxes, depending on the tax laws of the country they operate in. In many countries, these organizations enjoy tax exemptions if they meet specific criteria, such as being registered as a charitable entity and using their income solely for charitable purposes. However, it is important to note that not all taxes may be exempted, and the exact tax benefits vary from jurisdiction to jurisdiction.
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