A receipt of subscription outstanding from a member of the NPO is considered as a/an in the balance sheet.

donation

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corpus fund

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liability

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asset

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Solution

The correct option is D asset
A receipt of subscription outstanding from a member of the non-profit organisation is considered as an asset.

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A receipt of subscription outstanding from a member of the non-profit organisation is considered as a/an __________.

Q. An advance receipt of subscription from a member of the non profit organization is considered as a/an _______________.

An advance receipt of subscription from a member of the non-profit organisation is considered as a/an

From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended December 31, 2006 and the Balance Sheet as on that date.

Receipt and Payment Account for the year ending December 31, 2006
Receipts		Amount Rs	Payments	Amount Rs
Balance b/d		3,500	General expenses	900
Subscription: 2005 2006 2007	1,800 70,000 3,000	75,000	Salary Postage Electricity charges Furniture	16,000 1,300 7,800 26,500
Sale of old Books		2,000	Books	13,000
(Costing Rs 3,200)			Newspapers	600
Rent from use of hall		17,000	Meeting expenses	7,200
Sale of newspapers		400	T.V. set	16,000
Profit from entertainment		7,300	Balance c/d	15,900

		1,05,200		1,05,200

Additional Information:

(a)	The club has 100 members each paying an annual subscription of Rs900. Subscriptions outstanding on December 31, 2005 were Rs 3,600.
(b)	On December 31, 2006 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2005.
(c)	On January 1, 2006 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.

Q. Subscription received but not yet earned is considered as a/an in the balance sheet.

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A receipt of subscription outstanding from a member of the NPO is considered as a/an in the balance sheet.

The correct option is D assetA receipt of subscription outstanding from a member of the non-profit organisation is considered as an asset.

The correct option is D asset
A receipt of subscription outstanding from a member of the non-profit organisation is considered as an asset.