Accounting For Non Profit Organizations

Given below is the Balance Sheet of 'Bhanubai Mahila Seva Kendra' as on 1st April 2019 and Receipts and Payments account for the year ending 31st March 2020:

$%5Cbegin%7Barray%7D%7B%7Cl%7Cr%7Cl%7Cr%7C%7D%20%5Chline%20%5Ctext%7BLiabilities%7D%20%26%20%5Ctext%7BAmount%20(%E2%82%B9)%7D%20%26%20%5Ctext%7BAssets%7D%20%26%20%5Ctext%7BAmount%20(%E2%82%B9)%7D%20%5C%5C%20%5Chline%20%5Ctext%7BCapital%20Fund%7D%20%26%2040%7B%2C%7D000%20%26%20%5Ctext%7BMachinery%7D%20%26%2010%7B%2C%7D000%20%5C%5C%20%5Ctext%7BOutstanding%20Expenses%3A%7D%20%26%20%26%20%5Ctext%7BFurniture%7D%20%26%2020%7B%2C%7D000%20%5C%5C%20%5Ctext%7BWages%7D%20%26%208%7B%2C%7D000%20%26%20%5Ctext%7BGovernment%20Bonds%7D%20%26%206%7B%2C%7D500%20%5C%5C%20%5Ctext%7BElectricity%7D%20%26%207%7B%2C%7D000%20%26%20%5Ctext%7BOutstanding%20Subscription%7D%20%26%208%7B%2C%7D500%20%5C%5C%20%5Ctext%7BStationery%7D%20%26%201%7B%2C%7D000%20%26%20%5Ctext%7BCash%20in%20Hand%7D%20%26%201%7B%2C%7D000%20%5C%5C%20%26%20%26%20%5Ctext%7BCash%20at%20Bank%7D%20%26%2010%7B%2C%7D000%20%5C%5C%20%5Chline%20%5Ctext%7BTotal%7D%20%26%2056%7B%2C%7D000%20%26%20%5Ctext%7BTotal%7D%20%26%2056%7B%2C%7D000%20%5C%5C%20%5Chline%20%5Cend%7Barray%7D$

Receipts and Payments Account for the year ended 31st March 2020:

$%5Cbegin%7Barray%7D%7B%7Cl%7Cr%7Cl%7Cr%7C%7D%20%5Chline%20%5Ctext%7BReceipts%7D%20%26%20%5Ctext%7BAmount%20(%E2%82%B9)%7D%20%26%20%5Ctext%7BPayments%7D%20%26%20%5Ctext%7BAmount%20(%E2%82%B9)%7D%20%5C%5C%20%5Chline%20%5Ctext%7BTo%20Balance%20b%2Fd%7D%20%26%20%26%20%5Ctext%7BBy%20Electricity%20Charges%7D%20%26%2025%7B%2C%7D000%20%5C%5C%20%5Ctext%7BCash%20in%20hand%7D%20%26%201%7B%2C%7D000%20%26%20%5Ctext%7BBy%20Wages%7D%20%26%2022%7B%2C%7D000%20%5C%5C%20%5Ctext%7BCash%20at%20bank%7D%20%26%2010%7B%2C%7D000%20%26%20%5Ctext%7BBy%20Stationery%7D%20%26%203%7B%2C%7D000%20%5C%5C%20%5Ctext%7BTo%20Subscription%3A%7D%20%26%20%26%20%5Ctext%7BBy%20Rent%20and%20Taxes%7D%20%26%2011%7B%2C%7D800%20%5C%5C%202018%7B-%7D2019%20%26%202%7B%2C%7D000%20%26%20%5Ctext%7BBy%20Travelling%20Expenses%7D%20%26%208%7B%2C%7D000%20%5C%5C%202019%7B-%7D2020%20%26%2045%7B%2C%7D000%20%26%20%26%20%5C%5C%202020%7B-%7D2021%20%26%203%7B%2C%7D000%20%26%20%5Ctext%7BBy%20Balance%20c%2Fd%3A%7D%20%26%20%5C%5C%20%5Ctext%7BTo%20Entrance%20fees%7D%20%26%2028%7B%2C%7D000%20%26%20%5Ctext%7BCash%20in%20hand%7D%20%26%204%7B%2C%7D000%20%5C%5C%20%5Ctext%7BTo%20Other%20receipts%7D%20%26%205%7B%2C%7D000%20%26%20%5Ctext%7BCash%20at%20bank%7D%20%26%2020%7B%2C%7D200%20%5C%5C%20%5Chline%20%5Ctext%7BTotal%7D%20%26%2094%7B%2C%7D000%20%26%20%5Ctext%7BTotal%7D%20%26%2094%7B%2C%7D000%20%5C%5C%20%5Chline%20%5Cend%7Barray%7D$

Additional information:

$%5Cbegin%7Barray%7D%7Brl%7D%20%5Cbullet%20%26%20%5Ctext%7BOutstanding%20wages%20%E2%82%B9%20450%7D%20%5C%5C%20%5Cbullet%20%26%20%5Ctext%7BEntrance%20fees%20should%20be%20capitalised.%7D%20%5C%5C%20%5Cbullet%20%26%20%5Ctext%7BDepreciate%20furniture%20at%2010%5C%25%20p.a.%7D%20%5C%5C%20%5Cbullet%20%26%20%5Ctext%7BSubscription%20for%202019%7B-%7D20%20was%20outstanding%20%E2%82%B9%203%2C000.%7D%20%5Cend%7Barray%7D$

Prepare:

$%5Cbegin%7Barray%7D%7Brl%7D%20%5Cbullet%20%26%20%5Ctext%7B(a)%20Income%20and%20Expenditure%20account%20for%20the%20year%20ended%2031st%20March%202020.%7D%20%5C%5C%20%5Cbullet%20%26%20%5Ctext%7B(b)%20Balance%20Sheet%20as%20on%2031st%20March%202020.%7D%20%5Cend%7Barray%7D$

High-Yield Trend

Chapter Questions
1 MCQs

Official Solution

Accounting For Non Profit Organizations

High-Yield Trend

Chapter Questions 1 MCQs

Official Solution

Chapter Questions
1 MCQs