Question

cription
Caps
Balance Sheet total 1,322]
33. The following is a summary of the cash transactions of a deb
31st March, 2019:
DR.
Receipts
Payme
To Balance from the Last Year
319 By Rent and Rates
To Subscriptions & Entrance Fees
1,855 By Wages ol series
To Donations
85 By Lighting
To Life membership Subscriptions
250 By Lecturers' Fens
To Interest on Investments
94 By Purchase al Fumiture
To Profit from Entertainment
42 By Office Expenses
By Purchase of 500
Municipal Debentures
By Cash at Bank cld
By Cash in Hand old
2,645
At the beginning of the year the society owned 4,000 government securities which
cost 3.251 and furniture then valued at * 870. There were living at that date thirty-two
members, each of whom had paid a subscription of 50, but of these two died during the
year. Ordinary subscriptions in Artear at the beginning of the year amounted to 35 and at
the end of the year to 45 and six months rent (60) was due both at the beginning and end
of the year. Prepare the society's Income and Expenditure Account for the year ended 31st
March, 2019 and Balance Sheet as on that date. 75 is to be written off by way of furniture
depreciation. Life membership subscriptions of living life members are held in a Life
Membership Fund, but the life membership subscription of a life member who dies is
treated as the income of the year.
[Ans, Surplus 343, Balance Sheet total 4,968, Capital fund in the beginning * 2,8151
Spon
Eure
that
Total
eet?
636
andin​

Answer 1

Explanation:

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Answer 2

Explanation:

The main characteristics of such organisations are:

1. Such organisations are formed for providing service to a specific group or

public at large such as education, health care, recreation, sports and so on

without any consideration of caste, creed and colour. Its sole aim is to provide

service either free of cost or at nominal cost, and not to earn profit.

2. These are organised as charitable trusts/societies and subscribers to

such organisation are called members.

3. Their affairs are usually managed by a managing/executive committee

elected by its members.

4. The main sources of income of such organisations are: (i) subscriptions

from members, (ii) donations, (iii) legacies, (iv) grant-in-aid, (v) income

from investments, etc.

5. The funds raised by such organisations through various sources are

credited to capital fund or general fund.

6. The surplus generated in the form of excess of income over expenditure

is not distributed amongst the members. It is simply added in the

capital fund.

7. The Not-for-Profit Organisations earn their reputation on the basis of

their contributions to the welfare of the society rather than on the

customers’ or owners’ satisfaction.

8. The accounting information provided by such organisations is meant for

the present and potential contributors and to meet the statutory requ