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    Npo Npo Document Transcript

    • NPO FINAL ACCOUNT OF NON PROFITABLE ORGANISATION
    • DR. Narendra DR. SUBHASH RAJE Dr. Arjun Patil Western Gymkhana Kalpana Hospital Sangameshwar Sports club.. Bajrangbali Modern sports club Padmavati high school Memorial hospital Nanavathi Hospital Young sports club SURPLUS 3895 TALLY 9300 80800 74700 1907 108000 148200 109200 20605 626500 115500 107980 300 1377500 313200 72250 17400 -39100 - 10690 15830 866400 1007900 385810 70030
    • Introduction: Profitable organisations are those organisations in which their main motive is to earn profit and Not for Profit Organisations (NPO) are those organisations in which their main motive is not to earn profit but to render services to their members. Profitable organisations prepare Profit & Loss account for the year ended to know the result of the business and a balance sheet as on that date to know the financial position of the business. NPO prepares Income & Expenditure account for the year ended to know the surplus or deficit of the organisation and a balance sheet to know the financial position of the organisation. Examples of profitable organisations are: Sole trading concerns, Partnership firms, Companies, etc. Examples of NPO are: Schools, Colleges, Hospitals, Sports club, etc. In simple words, “A concern or an organisation which is formed and established to serve society or general public by undertaking various activities without any profit motive is called a ‘not for profit’ concern.”
    • Dr. Narendra commenced practice in the month of April 2007. He prepared the following Receipts & Payments Account for the year ended 31st March, 2008. Receipts Amount Payments Amount To Cash 10000 By Furniture 1500 To Visits 7000 By Equipment 2500 To Sundry 400 By Drugs 2000 Receipts By Salaries 1000 By Rent 500 By conveyance 700 By Stationery 100 By Lighting 125 By periodicals 100 By Drawings 4375 By Balance c/d 4500 17400 17400 Receipts and Payments A/c For the year ended 31st March, 2008 1.Rs 200 were to be received on account of visits. 2.Unpaid Salaries Rs. 200 3.60% of conveyance is for private purposes. 4.Value of drugs on hand was estimated at Rs. 1,000. 5.Depreciate furniture and equipment by 10% 6.Prepare Income and Expenditure account and balance sheet.
    • •Dr. Subhash Raje started practice as a medical practitioner on 1st April, 2007. He gives you the Receipts & Payments Accounts for the year 2007 – 08 and the adjustments to be made. Prepare his Income and Expenditure Account and Balance sheet for 2007 -08. Receipts and payments account for the year ended 31st March, 2008. Receipts To Cash Introduced To Visits To Receipts From Dispensary To Sundry Receipts Amount 107500 84000 64000 12000 267500 Payments By Furniture By Equipment By Drugs By Salary By Rent By Conveyances By Stationery By Lighting By Journals By Drawings By Balance c/f Amount 50000 40000 35000 24000 6000 18000 5600 10000 1200 37700 40000 267500 Adjustments: Receipts in arrears are: Visits Rs. 11,500 and Dispensary Rs. 9,000.The outstanding salaries are Rs. 1,800 and the outstanding expenses on drugs are also Rs. 3,000. 40% of the amount spent on conveyance was for domestic use. Stock of drugs in hand at the close of the year was worth Rs. 4,200. Depreciate furniture at 5% p.a. and equipments at 10% p.a. Furniture and equipment purchased on 1st April 2007.
    • Dr. Arjun Patil commenced Medical practice on 1.4.2006. He has prepared the following Receipts and payments account for the years 31.3.2007. [September, 2009] Receipts and payments account for the year 31st March 2007 Receipts To cash introduced (Capital fund) To income from visits To Receipts from Dispensary To Miscellaneous receipts To Interest on Investments To Receipts from Operation fees Amount 30000 40000 80000 1000 500 10000 Payments By Furniture By Honorarium to Doctor By Equipments By Purchase of Drugs By Compounders Salary By Rent of Dispensary By Conveyance charges By Stationary By Operation Expenses By Lighting By Journals and Newspapers By Telephone expenses By Investments By Balance c/d 161500 (Closing Balance) Amount 40000 10000 50000 10000 12000 6000 2000 600 8000 400 800 500 7200 14000 161500 Adjustments. •Rs. 5000 were still to be received on account of the visits. Compounder salary of Rs. 3000 and Bill of stationary Rs. 1000 and Rent of dispensary Rs. 1000 are outstanding. 25% amount of conveyance charges were for private use. Stock of Drugs on hand was estimated at Rs. 2000. Furniture and Equipments are to be depreciated at 10%. Prepare Income and expenditure account for the year ended 31st March 2007 and Balance sheet as on that date from the above information.
    • •From the following Receipts and payments account of Western Gymkhana for the year ended 31st March, 2007 and other information, prepare Income and Expenditure account for the year ended on and a Balance Sheet as at that date. (March 2008, modified) Receipts To Balance B/F To Subscriptions for: 2006 2007 2008 To Donations To Entertainment Receipts To Interest To Entrance Fees Rs. 1,040 85 4000 103 1200 876 81 1000 8385 Payments By salaries By Entertainment Expenses By Electric charges By General Expenses By Rates and Taxes By Investments By Stationery and Printing By Expenses of 2006 By Fixed Deposit By Balance c/f Rs. 1300 645 234 350 120 3000 241 600 1000 895 8385 •The Gymkhana has 450 members paying an annual subscription of Rs. 10/- each. •Rs. 20/- is still in arrears towards subscription for the year 2006. •Carry forward Rs. 20/- or rates paid in advance. •Provide Rs. 200/- for salaries outstanding. •The Gymkhana owns Land and Building standing in the books of Rs. 15,000/- and Furniture standing at Rs. 1,150, on which depreciation at 5% and 20% respectively is to be written off. •The Capital Fund as on 1st April, 2006 was Rs. 16,695/•50% of the Entrance Fees is to be capitalised. Donations are capitalised.
    • •Following is the Receipts and Payments Account and additional information of Kalpana Hospital, Sakri. (March 2012) Receipts and Payments account for the year ended 31st March, 2010 Receipts To Balance b/d To Subscriptions 200 8 – 2009 2009 – 2010 2010 – 2011 To Donations To Life Membership Fees To Hospital Receipts (Revenue) Rs. Payments 6000 By Medicines By Honorarium to Doctors 7500 By Ambulance Maintenance 95000 By Hospital Equipments 15000 By Furniture Purchased 55000 By Fixed Deposits 25000 By Balance C/d 150000 353500 Rs. 10000 75000 44000 30000 25000 100000 69500 353500 Additional Information: •Outstanding subscription for 200 9 – 2010 is amounted to Rs. 5000. •Hospital Equipments and Furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p.a. •Life membership fees are to be capitalized. •Donations represent donations for Building fund. •Staff salary for the current year is outstanding Rs. 7500. •On 1.4.2009, the hospital had the following assets and liabilities: Land and Building Rs. 250000, Investments Rs. 50000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000. •Capital fund as on 1.4.2009 was amounted to Rs. 2,16,000. Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.
    • •From the following Receipts and Payments Accounts of Sangameshwar Sports Club for the year ending 31st March, 2007 and Balance Sheet as on that date. (September 2010) Receipts and Payments Account For the year ended on 31st March, 2007. Receipts To Balance (1-4-06) Cash in Hand Cash at Bank To Subscriptions To Donations To Entrance fees To interest To Miscellaneous Receipts Rs. 15000 215000 125000 225000 125000 15000 15000 735000 Payments By Salaries By Wages By Postage and Telegram By Printing and Stationery By Hire of Ground By Sports Material (Purchased on 1-1-07) By Insurance By Balance (31.3.07) Cash in Hand Cash at bank Rs. 40,000 40,000 15,000 25,000 15,000 2,00,000 50,000 10000 340000 735000 Adjustment •Subscriptions include Rs. 2000 received for the year 2005 – 2006 and subscription of Rs. 5000 is due to for current year but not received yet. •Assets as on 1st April, 2006 were as follows. i.Building Rs. 300000 ii.Sports Material Rs. 250000 iii.Investments Rs. 150000 iv.Furniture Rs. 150000. •Provide depreciation on Building, Sports Material and Furniture at 5% p.a. •Capitalise 50 % of Donations and Entrance Fees. •Insurance of Rs. 5000 is paid in advance. •Salaries are outstanding at Rs. 5000 and Interest Rs. 5000 is due but not received. Capital fund was Rs. 10,82,000 as on 1-4-2006. `
    • Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending 31.03.2007. (March 2010) Receipts and payments Account for the year ended on 31st March 2007. Receipts Rs. Payments To Balance b/d 41600 By Salary To Subscription By Lighting 2005 – 06 4120 By General Expenses 2006 – 07 160000 By Entertainment Expenses To Donation for 50000 By Taxes Paid Building By Printing and Stationery To Receipts from 36440 By Expenses of 2005 – 2006 Entertainments By Investment To Interest 3240 By Fixed Deposit with Ajara To Entrance Fees 45000 Urban Bank By Balance C/d 340400 Rs. 55000 10000 15360 25800 5000 9440 24000 120000 40000 35800 340400 Adjustments: •Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs. 40 each. •Provide for outstanding salary Rs. 5000. •On 1.4.2006 the assets stood as under: i.Land and building Rs. 60,000. ii.Furniture Rs. 46000 Depreciate the above assets at 10% p.a. •Interest on Investment Rs. 2000 is not received. •Capital Fund was Rs. 1,27,720 on 1-4-2006.. •50% of the entrance fees is to be capitalised. Prepare: Income and Expenditure account for the year ended 31st march 2007 and balance sheet as on that date.
    • •The following is the Receipts and payments Account of Modern Sports Club, Satara, for the year ended on 31st March, 2007. (March 2009) Receipts and Payments Account for the year ended on 31st March, 2007. Receipts Rs. Payments Rs. To Balance b/d 1490 By Upkeep of Garden 9500 To Subscription 13600 By wages 2360 To Entrance Fees 520 By Salary 7000 To Interest on 840 By Ground rent 210 Investments By Printing 930 To Proceeds from 5180 By Postage 190 Matches By Bank balance 5000 To Life member fees 5000 By Balance c/d 1440 26630 26630 Adjustments: 1. Ledger balances of the club as on 31.3.2006 were Capital fund Rs. 66,430, Club house and ground Rs. 40,000, Investments Rs. 18,640, furniture Rs. 6,400, and outstanding subscription Rs. 600. 1.Printing includes Rs. 200, Upkeep of garden includes Rs. 500 and Subscription includes Rs. 400 for the previous year. 2.Entrance fees are to be capitalized. 3.The Rotary club of Satara owed Rs. 210 for the use of club hall. 4.Provide 10% depreciation on furniture. 5.Subscriptions outstanding for the current year were Rs. 1,000. Prepare _ Income and Expenditure account for the year ended 31st March, 2007 and Balance Sheet as on that date.
    • •From the following Balance sheet and Receipts and Payments Account of Padmavati High School, Thane, prepare Income and Expenditure account for the year ended 31-03-2007 and balance sheet as on that date. (September 2008) Balance sheet as on 31st March, 2006 Liabilities Entrance fees Capital fund (Rs.) Assets 30000 Furniture 519000 Computer laboratory Library Investment Cash in hand Cash at bank Outstanding Tuition Fees 549000 (Rs.) 84000 100000 125000 200000 5000 15000 20000 549000 Receipts and Payment Account for the year ended 31st March, 2007 Receipts To balance b/d Cash in hand Cash at bank To Tuition Fees To Term Fees To Government Grant (salary) To Sundry receipts To sale of old newspapers To interest on investments To Donation of library Amount (Rs.) Payments By Furniture purchased 5000 By Salaries 15000 By rent 400000 By Sundry expenses 120000 By Stationery 104500 By Annual gathering expenses 11000 By repairs of buildings 500 By Insurance 10000 By Balance c/d 150000 Cash in Hand Cash at Bank 816000 Amount (Rs.) 52000 300000 140000 27000 49000 24000 32500 20000 44500 127000 816000 Adjustments: •Tuition fees receivable Rs. 150000 •Salary still payable Rs. 150000 •Rent paid in advance Rs. 20000 •Insurance premium is paid for one year ending 30-9-07 •Depreciate furniture and library at 10% and computer laboratory at 20%. Depreciation is to be charged on the closing balance of assets.
    • Following is the Balance sheet and receipts and payments account of the Memorial Hospital, Sawantwadi. Prepare Income and expenditure account for the year ended on 31.3.2010 and the balance sheet as on that date. (March 2011) Liabilities Capital fund Outstanding Salaries Medical bill unpaid Amount Assets (Rs.) 10,04,000 Cash in hand Cash at bank 22000 Land and building 6000 Furniture Equipments Outstanding subscriptions 1032000 Amount (Rs.) 6000 34000 800000 70000 120000 2000 1032000 Receipt and payments account For the year ending 31.3.2010 Receipts To balance b/d Cash in hand Cash at bank To subscription (includes 2000 of L.Y.] To Sale of furniture (Book value Rs. 30000) To Donations (revenue) To Life membership fees Amoun t (Rs.) 6000 34000 130000 20000 44000 25000 Payments Amount (Rs.) By Salaries (including of the previous year) By Medicines By Equipments purchased By Taxes By General expenses By Balance c/d Cash in hand Cash at bank 259000 Consider the following adjustments. a.Outstanding subscription Rs. 12000. b.Capitalise the amount of membership fees. c.Prepaid taxes Rs. 500. d.Outstanding Salary Rs. 12000. e.Write off depreciation Rs. 20000 from Land and Building and Rs. 30000 from Equipments. f.Outstanding Medicine bill as on 1.4.09 is still due. 110000 52000 20000 3000 8600 15400 50000 259000
    • From the following balance Sheet and Receipts and Payments account of Nanavati Hospital, Bombay, prepare Income and Expenditure account for the year ending on 31st March, 2007 and the Balance sheet as on that date. Balance Sheet as on 1st April, 2006 Liabilities Salaries Unpaid Medicines Bill Unpaid Capital Fund Amount 2000 1500 383000 Assets Cash Securities Furniture Land and Buildings Equipments Subscription Due Interest Accrued 386500 Amount 11000 150000 4000 200000 15000 5000 1500 386500 Receipts and Payment Account for the year ended 31st March, 2007 Receipts To Cash balance b/f To subscription To Interest (Rs. 1500/- last year) To Donations(Revenue) To Life Membership Fee RS. Payments 11000 By Furniture (purchased on 1-430000 2006) 5000 By Salaries (including Rs. 2000/- of last year) 4300 By Equipment (purchased on 1-4-06) 10000 By Dispensary expenses By Medicines By Taxes By Cash balance c/f 60300 Rs. 1900 23000 7500 4700 5500 500 17200 60300 Adjustments. •Capitalise the amount of life membership fees. •Interest earned but not received Rs. 1,000/•Subscription include Rs.1000/- for 2008 and outstanding subscription for 31st march, 2007 is 4,200 •Unpaid salary for the year 2007 is Rs. 2500/•Provide for depreciation on furniture 10%, Land and Building 5%, Equipments 20%. Prepaid taxes Rs. 100/-
    • The Balance Sheet as at 1st April, 2006 and the Receipts and Payments account for the year ended 31st March, 2007 of the Young Sports Club, Dadar are as under. Young Sports Club – Balance Sheet as on 1st April, 2006 Liabilities Amount Assets Capital Fund Outstanding Expenses: Salaries 400 Printing 300 Income and Expenditure A/c 30000 700 23300 Building Furniture Entrance Fee receivable Subscriptions Fee receivable Sports Material & Equipments Cash in Hand Cash at Bank 54000 Amou nt 9500 5000 200 800 28000 4200 6300 54000 Young Sports Club, Dadar, Receipts and Payments A/c for the year ending 31st March, 2007 Receipts To Opening Balance Cash at bank 4200 Cash in Hand 6300 To Subscriptions To Entrance Fees To Receipts from Cricket Tournament To Interest on Bank A/c Amount Payments 10500 18000 4000 14520 300 47320 By Cricket Tournament Expenditure By Printing & Stationery By Salaries & Honorarium By Repairs to Building By Newspapers and Periodicals By Advertising Expenses By Insurance By Investments By Closing Balance Cash in Hand 5280 Cash in Bank 6450 Amou nt 16460 860 1600 500 470 300 400 15000 11730 47320 You are also given the following additional information. 1.Subscriptions of the amount of Rs. 800 were receivable as on 31st March, 2007 .Subscriptions Rs. 200 and Entrance Fees Rs. 300 were received in advance. Outstanding Expenses were: Salaries and Honorarium Rs. 100; Insurance Rs. 50; Cricket Tournament Expenses Rs. 250. You are required to prepare Income & Expenditure account for the year ending 31st March, 2007 and a Balance Sheet as on that date.