Financial Statements of not-for Profit Organisations

 

Important Points :

In the beginning of the year, Subscription of Rs600 was in arrear but out of this amount, only Rs500 has been received during current year. Hence only Rs500 is deducted from the amount received on account of subscription.

Illustration 5.
On the basis of the information given bleow, calculate the amount of stationery to be shown in the 'Income and Expenditure Account' of 'Vishvamitra Literary Society' for the year ended March 31, 2011:

  April 1,2010 Rs. March 31, 2011 Rs.
Stock of stationery 4,000 3,000
Creditors for stationery 4,500 5,500

Stationery puchased during the year ended March 31, 2011 was `23,500.

Solution :

Income and Expenditure Account for the year ended on March 31, 2011

Important Points :

1. Stationery used during current year only is shown in Income and Expenditure Account for the same year. 2. Creditors for Stationery is not considered because 'Stationery purchased during the year' is given and not 'Amount paid to Creditors during the year'.

Illustration 6
From the following informations of Arjun Sports Club, show the 'Sports Material' in the 'Income and Expenditure Account' for the year ending March 31, 2011 and the Balance Sheets as on March 31, 2010 and March 31, 2011 :

  March 31, 2010 Rs. March 31, 2011 Rs.
Stock of sports material 4,400 11,600
Creditors for sports material 15,600 18,400
Advance to suppliers of sports material 30,000 50,000

Payment to suppliers for the Sports Material during 2010-11 was `2,40,000.
No sports material purchased on cash basis during the year 2010-11.

 

CBSE Accountancy Class XI ( By Mr. Aniruddh Maheshwari ) 
Email Id : [email protected]