Not-for-Profit

Accounting

Medium

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:

Rs. 2,30,000

Rs. 1,50,000

Rs. 2,40,000

Rs. 1,70,000

✅ Correct Option: 4

Subscriptions for 2019-20 = Subscriptions received - Outstanding at beginning - Advance at end

$= 2,50,000 - 50,000 - 30,000 = 1,70,000$

Opening outstanding relates to previous year's income (received this year, so subtracted). Advance received pertains to next year (so subtracted).

2022: 15 July Shift 2

Identify the treatment of Government Grant received from the government from following:

2022: 20 Aug Shift 2

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

2022: 15 July Shift 2

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

2024

Libraries run by charitable trusts are an example of:

2024

The main source of revenue for 'not for profit' organisation is:

2022: 30 Aug Shift 2

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:

Solution