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NON PROFIT ORGANISATION ACCOUNTS
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Calculate the amount of credit purchase from the following information:
Creditors for Stationery as at Ist April, 2020= Rs. 4, 600
Creditors for Stationery as at 31st March, 2021= Rs. 11, 800
During the year ended 31st March, 2021, payment made to creditors of Rs 56,800
Rs. 54, 000
Rs. 64, 000
Rs. 74, 000
Rs. 44,000
Answer: b
The following information has been extracted from the financial statement of a not-profit organisation for the year ended 31st March, 2019:
Opening balance of Match Fund = Rs. 5, 00, 000
Sale of Match Tickets = Rs. 3, 75, 000
Donation for Match Fund received during the year Rs = 1, 24, 000
Match Expenses = Rs. 10, 00, 000
This of the following statement is correct for the presentation of the above items in the financial statement of the not-for-profit organisation?
Negative balance of Match Fund Rs. 1, 000 will be shown on the liabilities side of the Balance Sheet as at 31st March, 2019.
Opening balance of Match Fund Rs. 5, 00, 000 will be shown on the liabilities side of Balance Sheet as at 1st April, 2018.
Negative balance of Match Fund Rs 1, 000 will be shown on the expenditure side of the Income and Expenditure Account for the year ended 31st March 2019.
Both (b) and (c).
Answer: d
NON PROFIT ORGANISATION ACCOUNTS
The following information below is related to an NPO given in Receipts and Payments A/c
To interest on investments = Rs. Nil
By 8% investments [01 – 10 – 18] = Rs 60, 000
If the firm closes its accounts on 31st March every year, what amount of accrued interest on investments will be shown in the Balance Sheet of the firm on
31-03-19?
Rs. 2, 400
Rs. 4, 800
Rs. 6, 000
None of these
Answer: a
Sports Star Charitable Club has income of Rs. 16, 000 and ‘deficit’ debited to capital fund of Rs. 4, 300 for the year 2019-20, then expenditure for 2019-20 is :
11, 700
4, 300
20, 300
None of these
Answer: c
From the following information, calculate the amount to be charged to Income and Expenditure Account for ‘ Sports material consumed’ for the year 2019-20
Stock of sports material (01-04-2019) = Rs. 60, 000
Account paid to creditors (during 2019-20) = Rs 3, 00, 000
Creditors for Sports Materials (01-04-2019) = Rs.1, 00, 000
Creditors for Sports Materials (31-03-2020) = Rs. 80, 000
Stock Materials sold during the year (Book value Rs. 35, 000) = Rs.15, 000
Cash purchase of Sports Material (during the year 2019-20) = Rs. 1, 30, 000
There was zero stock at the end of the financial year 2019-20.
4, 35, 000
4, 37, 000
4, 33, 000
4, 39, 000
Answer: a
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