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How will you ...

Question

How will you treat 'sale of used Sports Materials' in an NPO?

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Solution

'Sale of used Sports Materials' will be subtracted from Sports Material at cost price and the profit or loss of such sale will be shown in the Income & Expenditure Account.

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Similar questions

Q. How are the sale of fixed assets, sale of sports materials, and sale of newspapers treated when recorded in the Income and Expenditure A/c of an organisation?

How will you treat sale of old newspapers while preparing the final accounts of a non-profit organisation?

Q. The mats used in gyms and the padding used in sports uniforms are made up of soft substances. Why are rigid materials not used?

Q. Show the treatment of the following items by a Not-for-Profit organisation
(i) Annual subscription
(ii) Specific donation
(iii) Sale of fixed assets
(iv) Sale of old periodicals
(v) Sale of sports materials
(vi) Life membership fee.

Show the accounting treatment of the following items by a Not-for-Profit organisation.

(i) Annual Subscription

(ii) Specific Donation

(iii) Sale of Fixed Assets

(iv) Sale of Old Periodicals

(v) Sale of Sports Materials

(vi) Life Membership Fee

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