HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Accounts of “Not for Profit” Concerns Examples and Solutions

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Shaalaa.com | Accounts of “Not for Profit” concerns (Examples)

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Accounts of “Not for Profit” concerns (Examples) [01:31:29]
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Related QuestionsVIEW ALL [17]

Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.
                                 Balance Sheet as on 01.04.2009 

Liabilities
Amount
(Rs.)
Assets
Amount
(Rs.)
Amount
(Rs.)
Capital Fund 67,100 Land   120,000
Building Fund 54,000 Sports Material   32,000
Bank Overdraft 37,400 Cash in Hand   2,200
    Outstanding Subscriptions    
    2007-2008 Rs.1800  
    2008 - 2009  Rs.2500 4,300
  158,500     158,500

Receipts and Payments Account for year ending on 31-03-2010
Dr.                                                                                                         Cr.

Receipts
Amount (Rs.)
Amount (Rs.)
Payments

Amount (Rs.)

Amount
(Rs.)

To Balance b/d
(cash in Hand)
  2200 Bank Overdraft (repaid)   37,400
To subscription   69,800 By Salaries   25,600
2007-2008 1800 By Electricity Charges   2,250
2008-2009 2500 By Rent and Taxes   1,750
2009-2010 65500 By Printing and Stationery   5,100
      By Entertainment Expenses
31/03/2010
  8,700
To Donations   11,000 By Balance c/d    
To Entertainment Receipts   8,800 Cash in Hand
Cash at Bank
  3,000
10,000
To Entrance Fees   2,000      
    93,800     93,800

Adjustments:
1) Donation are received for Building Fund.
2) Entrance Fees are to be Capitalized.
3) Outstanding Subscription Rs 1,500.
4) Depreciate sport Material @ 12 1/2% p.a.

(Accounting of a School)
From the information given below of Jeevan Vikas Vidyalaya Khamgaon, You are required to prepare, Income and Expenditure Account and Balance Sheet for the year ending on 31.03.2011.
                                Balance Sheet as at 01.04.2010

Liabilities
Amount (Rs.)
Assets

Amount (Rs.)

Capital Fund 499,100 Library Books 115,500
Loan 500,000 Laboratory Equipments 125,000
    Furniture 110,000
    Building 625,000
    Cash in Hand 3,500
    Cash at Bank 20,100
  999,100   999,100

 Receipts and Payments Account for the year ending 31.03.2011
Dr.                                                                                                      Cr.

Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
Amount (Rs.)
To Balance b/d   By Salaries   625,200
Cash in Hand 3,500 By Purchases
i. Laboratory Equipments
ii. Library Books
iii. Furniture
10,000
50,000
20,000
80,000
Cash at Bank 20,100 By Sundry Expenses   10,000
To Tuition Fees 367,500 By Printing and Stationery   35,800
To Term Fees 35,000 By Annual Social
Gathering Expenses
  18,000
To Admission Fees 30,600 By Balance c/d
Cash in Hand
Cash at Bank
  4,000
35,000
To Government Grant (Revenue) 350,000      
To Sundry Receipts 1,300      
  808,000     808,000

Adjustments:
1) Tuition Fees Outstanding Rs 13,500
2) Outstanding Interest on Loan Rs 60,000
3) Entire admission Fees are to be Capitalized.
4) Depreciation is to be written off as under:

Library Books                 Rs 50,000 Furniture                        Rs 30,000
Laboratory Equipment   Rs 20,000 Building                         Rs 30,000
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