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NON PROFIT ORGANISATION ACCOUNTS
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Calculate the amount to be posted to Income and expenditure for the year 31st March, 2018
Opening balance Of Match Fund = Rs. 5, 00, 000
Sale of Match tickets = Rs 3, 75, 000
Donations for Match fund received during the year = Rs. 1, 24, 000
Match expenses = Rs. 10, 00, 000
3,000
1,000
2,000
4,000
Answer: b
Janta Kalayan Club has 1, 250 members each paying an annual subscription of Rs. 150. During the year ended 31st March, 2018 the club did not receive subscription from 45 members and received subscriptions in advance from 46 members for the year ending 31st March, 2019. On 31st March 2017 the outstanding subscription were Rs. 15, 000 and subscription received in advance were Rs. 3,000.
Calculate the amount of subscription that will be debited to the Receipts and Payments Account for the year ended 31st March, 2018.
1, 99, 650
1, 95. 650
1, 91, 650
1, 90, 650
Answer: a
Calculate the amount of medicine consumed during the year ended 31st March, 2019 :
Opening stock of Medicines = Rs. 50, 000
Closing stock of Medicines = Rs. 45, 000 more than opening stock
Amount paid for medicines during the year = Rs. 2, 00, 000
Opening Creditors = Rs.20, 000
Closing Creditors = Rs. 50% of opening creditors
1, 46, 000
1, 47, 000
1, 45, 000
1, 48, 000
Answer : c
NON PROFIT ORGANISATION ACCOUNTS QUESTIONS AND ANSWERS
1. Capital Fund = Total Assets
Ans. Total liabilities
2. Surplus or deficit balance of income and expenditure account is transferred to …… .
Ans. Balance Sheet
3. A Not-for-Profit organisation got Rs 40, 000 as subscription out of which Rs. 5,000 belonged to previous year and Rs. 10, 000 were still outstanding for the current year. An amount of Rs. … will be shown of subscription in income and expenditure account of the firm.
Ans. Rs. 45, 000
4. State the basis of Accounting of preparing ‘Income and Expenditure Account’ of a not-for-profit organisation.
Ans. Accrual basis
5. What a fund usually of a non-profit institution, arising from gift, the income of which is devoted to a specified purpose is called?
Ans. Endowment fund
6. Mayank Club received life membership fees from its members. Which type of receipts it is?
Ans. Capital Receipts
7. Name the account that shows the summary of cash receipts and cash payments of a not-for-profit organization.
Ans. Receipts and Payments Account
8. What is the nature of income and Expenditure Account?
Ans. Nominal Account
9. Name the term used for showing excess of income over expenditure in not-for-profit organizations.
Ans. Surplus
10. State the main aim of a Not-for-Profit Organisation.
Answer: The main aim of not-for-profit organisation is to promote the social welfare.
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