CUET Accountancy: Not-for-ProfitAccounting. Free, no login required.

Libraries run by charitable trusts are an example of:

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

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:

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:

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

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:

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

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 treatment of Government Grant received from the government from following:

Outstanding Salaries for the current year is shown

A. In the Opening Balance Sheet, as an asset

B. In the Closing Balance Sheet, as an asset

C. In the Income and Expenditure A/c by adding to the expense 'salary'

D. In the Closing Balance Sheet, as a liability

Choose the correct answer form the options given below:

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

Show the following information in financial statements of a Non-Profit Organisation