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Practical Questions on Balance sheet for Not for Profit Organisation

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  • Last Updated : 28 Jul, 2022
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Illustration 1:

Following is the Receipt and Payment Account of GFG Foundation for the year ending 31st March 2021:

 

On 1st April 2020, the club owned land and building worth ₹80,000 and Furniture worth ₹21,000. There were 300 members on that date and annual subscription fee was ₹200 per person. The Book Value of the car was ₹50,000.  Subscriptions due on 31.3.2020 and on 31.3.2021 were ₹6,800 and ₹4,000 respectively. Interest on Investment accrued at the beginning and at the end of the year was ₹1,600 and ₹ 2,000 respectively.

Prepare Income and Expenditure Account and Balance Sheet for the year ending 31st March, 2021.

Solution:

 

 

 

Illustration 2:

Prepare Income and Expenditure Account and Balance Sheet for the year ending 31st March, 2021 from the following the Receipt and Payment Account of Geeks Club.

 

Additional Information:

1. Subscription Outstanding on 31.3.2020 = ₹2,000

2. Subscription Outstanding on 31.3.2021 =₹2,700

3. Advance  Subscription on 31.3.2020 = ₹750

4. Advance  Subscription on 31.3.2021 = ₹1,050

5. Outstanding Rent for two months at the beginning and end of the year was ₹1,250.

6. Premises worth ₹27,500 and investment at ₹10,000 stood on 31.3.2020.

Solution:

 

 

 

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