________ is the amount received as per the will of a deceased person.

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. 2,60,000 and surplus earned is Rs. 85,000, then total expenditure incurred will be:

Identify the steps in preparation of final accounts of not for profit organisation (NPO)

A. Prepare Balance Sheet of NPO

B. Prepare Income and Expenditure Account from Receipts and payment Account

C. Prepare Receipts and payment Account

D. Adjust outstanding/prepaid expenditure/Income and determine surplus/ Deficit

E. Prepare cash book

Choose the correct answer from the options given below:

Extract of Receipt and Payment Account for the year ended on March 31, 2021 is given.

Calculate the amount of Stationery to be shown in Income and Expenditure A/c.

Payments for Stationery: Rs. 23,000

Additional Information:

It is the amount-paid to the person who is not the regular employee of the institution.

As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000, Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscriptions for the year 2019-20 will be: