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Fs of Non Profit organizations Assessment

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Added on: 2023-02-03 08:05:13
Order Code: EQB 03_02_2023
Question Task Id: 0

1. XYZ club has a bar that maintains a separate trading account for its trading activities. Which of the following is the treatment of profit or loss on bar trading activities?

a. Profit and loss is credit in income statement
b. Profit and loss to be presented in Receipt and payment account
c. Profit and loss is added to capital fund.
d. Profit and loss to be transferred as income and expenditure A/c.

2. Calculate the sports material to be debited to Income & Expenditure a/c. For the yr. ended 31-3- 2007 on the basis of the following information. Amount paid for sports material during the yr. was Rs.19, 000

a. Rs.20300
b. Rs.20700
c. Rs.20000
d. Rs.20500

3. A non-profit organization received Rs. 10,000 as the entrance fee of a new member. If 20% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account?

a. Rs.9000
b. Rs.8000
c. Rs.2000
d. Rs.5000
4. Prize fund Rs. 10000, Interest on prize fund investments Rs.1000, Prize paid Rs.2000, Prize fund investment Rs.8000. What will be its treatment
a. Rs.20000 on liability side, Rs. 8000 on Assets side
b. Rs.1000 on liability side,Rs. 8000 on Assets side
c. Rs.1700 on liability side, Rs. 8000 on Assets side d. Rs.9000 on liability side, Rs. 8000 on Assets side

5. Belle, a nongovernmental not-for-profit organization, received funds during its annual campaign that were specifically pledged by the donor to another nongovernmental not-for-profit health organization. How should Belle record these funds?

a. Increase in assets and increase in revenue
b. Increase in assets and increase in liabilities
c. Increase in assets and increase in deferred revenue.
d. Decrease in assets and decrease in fund balance.

6. Not-for-profit organisations have some distinguishing features from that of profit organisations. State any one of them.

7. What is the capital of a Non-Profit Organization generally known as?

8. Name any two accounts required to be prepared in Financial Statements by Not-For-Profit Organizations at the end of the year.

9. State the main aim of a not-for-profit organisation.

10. Write any four features of Receipt and Payment Account?

11. Calculate the amount of stationery to be posted to Income and Expenditure Account of Indian Cultural Society for the year ending 31st March, 2018 from the following information:

Stationery purchased during the year ended 31st March 2018 was Rs.75,000. Also, present the relevant items in the Balance Sheet of the society as at 31st March 2018.

12. From the following information, calculate the amount of subscriptions to be credited to the income and expenditure account for the year 2007-08.

13. Find out the cost of medicines consumed during 2015-16 from the following information

14. From the following Reciepts and Payments Accounts of Cricket Club and the additional information given, prepare the Income and Expenditure Account for the Year ending 31-12-2018 and Balance sheet as on that date:

Additional Information:

i. Salary outstanding is Rs. 1000.
ii. Opening Balance of Stock of Postage and Stationery and Cricket gods is Rs. 750 and Rs. 3210 respectively. Closing stock of the same is Rs. 900 and Rs. 2800 respectively.
iii. Outstanding subscription for 2017 and 2018 is Rs. 6600 and Rs. 8000 respectively.

15. Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017

Prepare Income and Expenditure Account and Balance Sheet with help of following Information:

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  • Posted on : February 03rd, 2023
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