COMPREHENSIVE PROJECT OF NOT FOR PROFIT ORGANISATIONS

COMPREHENSIVE PROJECT OF NOT FOR PROFIT ORGANISATIONS

COMPREHENSIVE PROJECT OF NOT FOR PROFIT ORGANISATIONS

GOKULNATH was a freedom fighter and a founder member of “Freedom Fighters Club”, Lalitpur, U.P. The Club is registered under Societies Registration Act 1860 and is running a charitable dispensary.
The club was in receipt of Best NGO of the state award for the last two years.
His son RAMNATH has recently joined the club as an Honorary Accountant.
On 31st March 2022 club had a cash balance of ₹9,500 and Investments aggregating ₹ 90,000.
It also had computers and printers valued at ₹40,000 and ₹15,000 respectively.
The stock of medicine in hand on 31st March 2022 stood at ₹ 10,000.
On the same day, a sum of ₹ 1,000 was due to creditors for medicines and a sum of ₹ 1,600 was due from members on account of subscription and subscription received in advance from member amounted ₹ 500. Interest @ 5% per annum is earned on investments made by the club.

During the year 2022-23, A sum of ₹ 25,000 was received by the club as donation and club decided to capitalise this amount.

During the year 2022-23, a sum of ₹ 47000 was received as subscription, which also included subscription received in advance ₹ 890.
A sum of ₹ 1,200 was yet to be received by the club being subscription due for the year 2022-23.

During the year club celebrated Children’s Day. A sum of ₹ 12000 was received by the club as entry fee for participation in various games and activities.
The club’s expenses on Children’s Day celebration amounted ₹ 2,500.
The interest on investment received was ₹ 4,000. Investments worth ₹ 10,000 were purchased during the year by the club.
Investments were made in 5% Govt. securities on 1.10.2022.
It also purchased a Fax Machine for  ₹ 11,000 on 1-10-2022. Payments made during the year for medicine amounted to ₹18,000.
The value of medicines remaining unused and lying in the godown were valued at ₹15,000 on 31st March 2023. Subscriptions for the year 2021-22 are still in arrears.
A sum of ₹ 22,000 was paid by the club as salary to its employees.
Miscellaneous expenses paid during the year amounted to ₹ 2,000, however a sum of ₹ 500 was still due for payment of miscellaneous expenses.

It was decided that depreciation @ 10% per annum is to be charged on Computers, Printers and Fax Machine.

On 25th March 2023 the club again received the ‘Best NGO of the state’ award for the third consecutive year.

COMPREHENSIVE PROJECT OF NOT FOR PROFIT ORGANISATIONS

You are required to prepare:

• Receipt & Payment Account for the year ending 31st March 2023.
• Income & Expenditure Account for the year ending 31st March 2023.
• Balance Sheet as at 1st April 2022.
• Balance Sheet as at 31st March 2023.

Receipts and Payments Account

 

Income and Expenditure Account

COMPREHENSIVE PROJECT OF NOT FOR PROFIT ORGANISATIONS

COMPREHENSIVE PROJECT OF NOT FOR PROFIT ORGANISATIONS

Bill of Exchange: Meaning and Types

 

Admission of a partner-Important Questions-1

Important questions of fundamentals of partnership-3

Format of Profit and loss Appropriation Account

Hidden Goodwill at the time of Admission of A New Partner

Important questions of fundamentals of partnership

Important questions of fundamentals of partnership-2

Goodwill questions for practice Class 12 ISC & CBSE

Important questions of fundamentals of partnership-5

ACCOUNTING TREATMENT OF GOODWILL AT THE TIME OF ADMISSION OF A NEW PARTNER

Admission of a partner-Important Questions-3

Admission of a partner-Important Questions-5

Admission of a partner-Important Questions-4