All Courses
Get the App Signup / Login
Sign in Open App
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
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Case 2
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce


Page No 1.58:

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


Page No 1.58:

Question 13:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce

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


Page No 1.58:

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


Page No 1.58:

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


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:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
ANSWER:
Case 1
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Case 2
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Case 3
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Case 4
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce

Case 5
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce


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


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


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



Page No 1.60:

Question 20: From the following information, prepare Subscription Account for the year ending 31st March, 2019:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
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:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce

Page No 1.60:

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:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Medicines purchased during the year ended 31st March, 2019 were ₹ 60,80,700.
ANSWER:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce

Page No 1.60:

Question 22:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
ANSWER:
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce


Page No 1.60:

Question 23: Calculate  amount to be posted to 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:
(a)
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
(b)
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
(c)
Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce

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


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

The document Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce is a part of the Commerce Course Accountancy Class 12.
All you need of Commerce at this link: Commerce
47 videos|180 docs|56 tests
Join Course for Free

Top Courses for Commerce

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.
Related Exams
About this Document
2.5K Views
4.80/5 Rating
Nov 24, 2024 Last updated
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).
Introduction of Financial Statements of Not for Profit Organisations (Part - 2) in English is available as part of our Accountancy Class 12 for Commerce & Financial Statements of Not for Profit Organisations (Part - 2) in Hindi for Accountancy Class 12 course. Download more important topics related with notes, lectures and mock test series for Commerce Exam by signing up for free. Commerce: Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce
Description
Full syllabus notes, lecture & questions for Financial Statements of Not for Profit Organisations (Part - 2) | Accountancy Class 12 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Accountancy Class 12 | Best notes, free PDF download
Information about Financial Statements of Not for Profit Organisations (Part - 2)
In this doc you can find the meaning of Financial Statements of Not for Profit Organisations (Part - 2) defined & explained in the simplest way possible. Besides explaining types of Financial Statements of Not for Profit Organisations (Part - 2) theory, EduRev gives you an ample number of questions to practice Financial Statements of Not for Profit Organisations (Part - 2) tests, examples and also practice Commerce tests
47 videos|180 docs|56 tests
Join Course for Free
Download as PDF
Explore Courses for Commerce exam

Top Courses for Commerce

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Related Searches

Extra Questions

,

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

,

shortcuts and tricks

,

practice quizzes

,

MCQs

,

Previous Year Questions with Solutions

,

Summary

,

Free

,

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

,

Important questions

,

Sample Paper

,

study material

,

Exam

,

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

,

ppt

,

Semester Notes

,

pdf

,

past year papers

,

Objective type Questions

,

mock tests for examination

,

Viva Questions

,

video lectures

;
Additional Information about Financial Statements of Not for Profit Organisations (Part - 2) for Commerce Preparation

Financial Statements of Not for Profit Organisations (Part - 2) Free PDF Download

The Financial Statements of Not for Profit Organisations (Part - 2) is an invaluable resource that delves deep into the core of the Commerce exam. These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective. With the help of these notes, you can grasp complex subjects quickly, revise important points easily, and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner, allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material, or toppers' notes, this PDF has got you covered. Download the Financial Statements of Not for Profit Organisations (Part - 2) now and kickstart your journey towards success in the Commerce exam.

Importance of Financial Statements of Not for Profit Organisations (Part - 2)

The importance of Financial Statements of Not for Profit Organisations (Part - 2) cannot be overstated, especially for Commerce aspirants. This document holds the key to success in the Commerce exam. It offers a detailed understanding of the concept, providing invaluable insights into the topic. By knowing the concepts well in advance, students can plan their preparation effectively. Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.

Financial Statements of Not for Profit Organisations (Part - 2) Notes

Financial Statements of Not for Profit Organisations (Part - 2) Notes offer in-depth insights into the specific topic to help you master it with ease. This comprehensive document covers all aspects related to Financial Statements of Not for Profit Organisations (Part - 2). It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation. Practice papers and question papers enable you to assess your progress effectively. Additionally, the paper analysis provides valuable tips for tackling the exam strategically. Access to Toppers' notes gives you an edge in understanding complex concepts. Whether you're a beginner or aiming for advanced proficiency, Financial Statements of Not for Profit Organisations (Part - 2) Notes on EduRev are your ultimate resource for success.

Financial Statements of Not for Profit Organisations (Part - 2) Commerce Questions

The "Financial Statements of Not for Profit Organisations (Part - 2) Commerce Questions" guide is a valuable resource for all aspiring students preparing for the Commerce exam. It focuses on providing a wide range of practice questions to help students gauge their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation. The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level. Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.

Study Financial Statements of Not for Profit Organisations (Part - 2) on the App

Students of Commerce can study Financial Statements of Not for Profit Organisations (Part - 2) alongwith tests & analysis from the EduRev app, which will help them while preparing for their exam. Apart from the Financial Statements of Not for Profit Organisations (Part - 2), students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc. The EduRev App will make your learning easier as you can access it from anywhere you want. The content of Financial Statements of Not for Profit Organisations (Part - 2) is prepared as per the latest Commerce syllabus.
© EduRev
Education Revolution
Follow Us
Signup on EduRev and stay on top of your study goals
10M+ students crushing their study goals daily