Topic: Accounts of Not-for-Profit Entities

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  • 15 Marks

FA – May 2012 – L1 – SB – Q1 – Accounts of Not-for-Profit Entities

Prepare income statement, income and expenditure account, and statement of financial position for a not-for-profit society.

The following details are available from the books of Tops Darts Society:

(iii)
The person handling Dart sales, “all in cash,” disappeared with the money received from this source. It is unknown how much was stolen, but all darts were sold at a profit of 33⅓% on cost price.

(iv)
Three people paid life membership fees of N4,000 each. One-tenth of this amount is to be credited to the income and expenditure account each year, while the remaining is treated as prepaid.

(v)
Depreciation on equipment is to be calculated at 20%.

You are required to:

(a) Draw up a Darts Income Statement for the year 2011 to calculate the gross profit on Darts sold. The cash stolen should be credited to this account, with a debit shown in the Income and Expenditure Account.
(b) Prepare an Income and Expenditure Account for the year ended 31 December 2011, and a Statement of Financial Position as at that date.

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  • 15 Marks

FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

The Balance Sheet of Paramount Youth Centre as at 31 December 2009 is shown as follows:
Balance Sheet as at 31 December 2009:

The following transactions took place during the period 1 January 2010 to 31 December 2010:

  • Receipts:
    Subscriptions (10,000 members @ N1,600 each) N16,000
    Donations N1,600
    Sale of tickets for annual dinner N10,800
  • Payments:
    Electricity N4,000
    Expenses for annual dinner N6,200
    New games equipment N3,200
    Cleaners’ wages N2,080
    Repairs and renewals N1,660
    Motor van repairs N2,520

Notes:

  1. An electricity bill of N900,000 was owed at 31 December 2010.
  2. Depreciation should be calculated at 10% of cost of the assets.

You are required to prepare:
(a) The Receipts and Payments Account. (4 ½ Marks)
(b) The Income and Expenditure Account and Balance Sheet as at 31 December 2010. (10 ½ Marks)

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  • 1 Marks

FA – Nov 2011 – L1 – SA – Q10 – Accounts of Not-for-Profit Entities

This question asks about the term used to describe gratuitous receipts from members and non-members of a not-for-profit organization.

The gratuitous receipt from members and non-members of a not-for-profit organization is called?

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  • 1 Marks

FA – Nov 2011 – L1 – SA – Q13 – Accounts of Not-for-Profit Entities

This question asks which term refers to a fee paid upon admission into a social club.

The fee paid by a new member on admission into a social club is known as
A. Life membership fee
B. Annual subscription
C. Registration fee
D. Clubbing fee
E. Membership qualification fee

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  • 20 Marks

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

  • Membership subscriptions: N255,000
  • Donation: N22,500
  • Income from Christmas party: N12,750
  • Bar takings: N405,000

Payments:

  • Rates: N13,500
  • General expenses: N393,000
  • Bar purchases: N277,500
  • Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item Nov 1, 2018 Oct 31, 2019
Subscription due N13,500 N9,000
Subscription paid in advance N750 N1,500
Rates owing N6,750 N7,500
Bar inventory N30,000 N37,500
Club premises (cost N750m) N300,000 N270,000
Furniture & fittings (cost N150m) N45,000 N30,000
Bank balance N24,000 N33,000

Required:

a. The club bar’s statement of profit or loss for the year ended October 31, 2019. (3 Marks)
b. The income and expenditure account for the year ended October 31, 2019. (8 Marks)
c. Statement of financial position as at October 31, 2019. (9 Marks)

(Show workings)
(Total: 20 Marks)

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  • 1 Marks

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

Where a not-for-profit organization prepares the accounts using accruals basis of reporting, the statement showing the performance of the organization is the?

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  • 1 Marks

FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

The balances extracted from the accounting records of Disney Social Club in respect of its subscriptions are as follows:

  • Balance b/f 1 January 2011: N40,000
  • Balance b/f 1 January 2011: (N30,000)
  • Subscriptions received during the year: N160,000
  • Balance c/f 31 December 2011: N60,000
  • Balance c/f 31 December 2011: (N50,000)

What is the amount of subscriptions to be included in the income and expenditure account for the year ended 31 December 2011?

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  • 1 Marks

FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying what should not be included in the receipts and payments account of a not-for-profit organization.

Which of the following should NOT be included in the Receipts and Payments Account of a Not-for-profit organisation?

A. Annual subscription
B. Salaries and wages
C. General expenses
D. Provision for depreciation
E. Payment for the purchase of landed properties

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  • 1 Marks

FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities

Determining the effect of omitting honorarium from the receipts and payments account.

The effect of omitting honorarium paid to the secretary from the Receipts and Payments Account of a social club is that it overstates the:

A. Asset and understates Accumulated fund
B. Accumulated fund and understates the assets
C. Assets and understates the liabilities
D. Liabilities and understates Accumulated fund
E. Asset and overstates the Accumulated fund

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  • 1 Marks

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

Excess of expenditure over income in an Income and Expenditure Account of a Not-For-Profit Organisation is called:

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  • 15 Marks

FA – May 2012 – L1 – SB – Q1 – Accounts of Not-for-Profit Entities

Prepare income statement, income and expenditure account, and statement of financial position for a not-for-profit society.

The following details are available from the books of Tops Darts Society:

(iii)
The person handling Dart sales, “all in cash,” disappeared with the money received from this source. It is unknown how much was stolen, but all darts were sold at a profit of 33⅓% on cost price.

(iv)
Three people paid life membership fees of N4,000 each. One-tenth of this amount is to be credited to the income and expenditure account each year, while the remaining is treated as prepaid.

(v)
Depreciation on equipment is to be calculated at 20%.

You are required to:

(a) Draw up a Darts Income Statement for the year 2011 to calculate the gross profit on Darts sold. The cash stolen should be credited to this account, with a debit shown in the Income and Expenditure Account.
(b) Prepare an Income and Expenditure Account for the year ended 31 December 2011, and a Statement of Financial Position as at that date.

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  • 15 Marks

FA – Nov 2011 – L1 – SB – Q3 – Accounts of Not-for-Profit Entities

This question requires the preparation of financial statements for a non-profit entity.

The Balance Sheet of Paramount Youth Centre as at 31 December 2009 is shown as follows:
Balance Sheet as at 31 December 2009:

The following transactions took place during the period 1 January 2010 to 31 December 2010:

  • Receipts:
    Subscriptions (10,000 members @ N1,600 each) N16,000
    Donations N1,600
    Sale of tickets for annual dinner N10,800
  • Payments:
    Electricity N4,000
    Expenses for annual dinner N6,200
    New games equipment N3,200
    Cleaners’ wages N2,080
    Repairs and renewals N1,660
    Motor van repairs N2,520

Notes:

  1. An electricity bill of N900,000 was owed at 31 December 2010.
  2. Depreciation should be calculated at 10% of cost of the assets.

You are required to prepare:
(a) The Receipts and Payments Account. (4 ½ Marks)
(b) The Income and Expenditure Account and Balance Sheet as at 31 December 2010. (10 ½ Marks)

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  • 1 Marks

FA – Nov 2011 – L1 – SA – Q10 – Accounts of Not-for-Profit Entities

This question asks about the term used to describe gratuitous receipts from members and non-members of a not-for-profit organization.

The gratuitous receipt from members and non-members of a not-for-profit organization is called?

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  • 1 Marks

FA – Nov 2011 – L1 – SA – Q13 – Accounts of Not-for-Profit Entities

This question asks which term refers to a fee paid upon admission into a social club.

The fee paid by a new member on admission into a social club is known as
A. Life membership fee
B. Annual subscription
C. Registration fee
D. Clubbing fee
E. Membership qualification fee

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  • 20 Marks

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

  • Membership subscriptions: N255,000
  • Donation: N22,500
  • Income from Christmas party: N12,750
  • Bar takings: N405,000

Payments:

  • Rates: N13,500
  • General expenses: N393,000
  • Bar purchases: N277,500
  • Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item Nov 1, 2018 Oct 31, 2019
Subscription due N13,500 N9,000
Subscription paid in advance N750 N1,500
Rates owing N6,750 N7,500
Bar inventory N30,000 N37,500
Club premises (cost N750m) N300,000 N270,000
Furniture & fittings (cost N150m) N45,000 N30,000
Bank balance N24,000 N33,000

Required:

a. The club bar’s statement of profit or loss for the year ended October 31, 2019. (3 Marks)
b. The income and expenditure account for the year ended October 31, 2019. (8 Marks)
c. Statement of financial position as at October 31, 2019. (9 Marks)

(Show workings)
(Total: 20 Marks)

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  • 1 Marks

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

Where a not-for-profit organization prepares the accounts using accruals basis of reporting, the statement showing the performance of the organization is the?

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  • 1 Marks

FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

The balances extracted from the accounting records of Disney Social Club in respect of its subscriptions are as follows:

  • Balance b/f 1 January 2011: N40,000
  • Balance b/f 1 January 2011: (N30,000)
  • Subscriptions received during the year: N160,000
  • Balance c/f 31 December 2011: N60,000
  • Balance c/f 31 December 2011: (N50,000)

What is the amount of subscriptions to be included in the income and expenditure account for the year ended 31 December 2011?

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  • 1 Marks

FA – Nov 2012 – L1 – SA – Q20 – Accounts of Not-for-Profit Entities

Identifying what should not be included in the receipts and payments account of a not-for-profit organization.

Which of the following should NOT be included in the Receipts and Payments Account of a Not-for-profit organisation?

A. Annual subscription
B. Salaries and wages
C. General expenses
D. Provision for depreciation
E. Payment for the purchase of landed properties

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  • 1 Marks

FA – Nov 2012 – L1 – SA – Q19 – Accounts of Not-for-Profit Entities

Determining the effect of omitting honorarium from the receipts and payments account.

The effect of omitting honorarium paid to the secretary from the Receipts and Payments Account of a social club is that it overstates the:

A. Asset and understates Accumulated fund
B. Accumulated fund and understates the assets
C. Assets and understates the liabilities
D. Liabilities and understates Accumulated fund
E. Asset and overstates the Accumulated fund

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  • 1 Marks

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

Excess of expenditure over income in an Income and Expenditure Account of a Not-For-Profit Organisation is called:

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