Financial Statement of Not-For-Profit Organisation
Fill In the Blanks
1. Hospitals, schools, clubs, are examples of _______________
2. Donation for Building is shown in __________ side of balance sheet.
3. The total of income side of Income
and Expenditure Account is more than the total of expenditure side by Rs.25,000. Rs.25,000 is ___________
4. Rent paid by Jaipur Club was Rs.40,000. If rent outstanding for the years ended 31st March, 2019 and 31st March, 2018 is Rs. 15,000 and Rs. 2,000 respectively. Rent shown in Income and Expenditure Account will be __________ .
5. The Balance Sheet as at 31st March, 2019 of Rotary Club of Jaipur shows total asset at Rs. 5,99,500. If the creditors for Medicines and Rents is Rs.99,000 and Rs. 500 respectively and Surplus of the Club for the year was Rs. 50,000. The Opening Capital Fund was ______________
6. Subscription received in advance in the current year is shown on _________ side of Balance Sheet.
7. A club has 400 members each paying an annual subscription of Rs. 300. On 31st March, 2019 Advance Subscription is Rs. 2,000 and Outstanding Subscription is Rs. 7,000. Income and expenditure will be credited by_________ as subscription for the year ended 31st March, 2019.
8. A Society has 500 members each paying Rs. 100 as annual subscription. It received Rs. 40,000 towards subscription during the year. Subscription received in advance at the beginning of the year was Rs. 12,000. In the Receipts and Payments Account Subscription Received will be shown as ______________.
9. Subscription income for the year is a _____________income.
10. General Donation is shown in _________________.
11. Legacy Donation received for a specific purpose is shown in _______.
12. Club has 250 members each paying an annual subscription of Rs. 1,000. The receipt and payments account for the year ended 31st March, 2019 showed Rs. 2,65,000 received as subscription. Additional information provided is: Subscription outstanding on 31st March, 2018 Rs. 40,000 Subscription received in Advance as on 31st March, 2019 Rs. 30,000 Subscription received in Advance as on 31st March, 2018 Rs.12,000 _______Amount that will be shown as Outstanding Subscription as on 31st March, 2019
13. Subscription outstanding at the beginning of current year is ________ from the amount of subscription on the credit side of Income and Expenditure Account.
14. Income and Expenditure Account shows the amount of subscription for the ____________ irrespective of the fact whether it is received or not.
15. Star Sports Club received Rs. 62,000 as subscription for the year ending 31st March, 2018. The are 250 members each paying an annual subscription of Rs. 400 each. Subscription of Rs. 10,000 was received in advance on 31st March, 2017. The amount of subscription outstanding for the current year is_________
16. Income and Expenditure Account of a cricket club shows Rs. 36,000 as the amount of subscription for the year ended 31st March, 2018.Subscription outstanding at the end of year was Rs. 8,000. Subscription received in advance at the end of the year was Rs. 6,000. The amount of subscription to be shown on the receipts side of Receipts and Payments Account will be_______________
17. Subscriptions are ___________ in nature for a Not for Profit Organisation.
18. Not for Profit Organisation is a ____________ Legal entity.
19. Capital fund Is also known as _________________
20. An NPO does not have ____________ like proprietorship, partnership and joint stock company.
Answers
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Answer:
1. NON-PROFITABLE ORGANISATION
2. liability side
3. surplus
4.in expenditure column as outstanding at the end
5.4,50,000
6. liability
7.by 1,25,000
8.1,02,000
9.source of income
10.recepit account
11.recepit account
12.13,000
13.less
14.last year
15.28,000
16.38,000
17.income
18. separate
19.general fund or corpus fund
20.profit motive
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