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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 :

  1. Fundraising expenses include 30 % from contributions, 30 % from fundraising events, and the remaining from the investment income.
  2. 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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