Practical Questions on Balance sheet for Not for Profit Organisation

• Last Updated : 28 Jul, 2022

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.

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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