Question
Section C (30 marks) The following information belong to ABC Nonprofit Organization: Statement of Financial Position (ending 31 March 2019) Current assets 50,000 Current liabilities
Section C (30 marks)
The following information belong to ABC Nonprofit Organization:
Statement of Financial Position (ending 31 March 2019)
Current assets | 50,000 | Current liabilities | 40,000 |
Noncurrent assets
|
185,000
|
Net Assets Unrestricted |
150,000 |
|
| Temporary Rest | 20,000 |
|
| Permanently Rest
| 25,000
|
Total assets | 235,000 | Total liabilities & net assets | 235,000 |
Trial Balance (from 1 April 2019 31 March 2020)
| Dr. | Cr. |
Contributions temporarily restricted |
| 80,000 |
Contributions unrestricted |
| 74,500 |
Membership dues unrestricted |
| 10,000 |
Program fees unrestricted |
| 12,000 |
Fundraising events temporarily restricted |
| 25,000 |
Grants unrestricted |
| 2,000 |
Investments (government bonds) |
| 65,000 |
Investment income temporarily restricted (10 %) |
| 6,500 |
Gain on sale of investments temporarily restricted |
| 1,000 |
Program expenses unrestricted | 121,000 |
|
Management and general expenses unrestricted | 32,000 |
|
Statistical discrepancy | 23,000 |
|
Fundraising expenses temporarily restricted | 100,000 |
|
| 276,000 | 286,000 |
Note : |
- Fundraising expenses include 30 % from contributions, 30 % from fundraising events, and the remaining from the investment income.
- Depreciation expense on the noncurrent assets is at 15 % pa.
Q1. Prepare statement of activities and statement of financial position ending 31 March 2020. (30 marks)
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