4. Non-Profit Conceras:The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020.Rs.Rs.9,00020,000ReceiptsPaymentsUtilities ExpensesFree Supply of rationGeneral ExpensesOpening Balance10,000Rent Revenue50,000Donations40,00012,00010,000Salary ExpensesOther Revenues18,000Furniture10,000Additional information.) Prepaid Salaries Rs. 3,000lI) Unearned Rent Rs. 5,000ili) Utilities Payable Rs. 4,000iv) Depreciation on furniture Rs. 1,000Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.

The income and expenditure account is the statement prepared by the non-profit organizations to…

4. Non-Profit Conceras: The following is the receipts and payments account of Insanist Welfare Society for the year ended on December 31, 2020. Receipts Rs. Payments Rs. Utilities Expenses 9,000 20,000 Opening Balance 10,000 Rent Revenue 50,000 Free Supply of ration General Expenses Donations 40,000 12,000 Other Revenues 10,000 Salary Expenses 18,000 Furniture 10,000 Additional information. O Prepaid Salaries Rs. 3,000 i) Unearned Rent Rs. 5,000 i) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Reguired: Prepare an Income and Expenditure account for the year ended on December 31, 2020.

4. Non-Profit Conceras: The following is the receipts and payments account of Insanist Welfare Society for the year ended on December 31, 2020. Receipts Rs. Payments Rs. Utilities Expenses 9,000 20,000 Opening Balance 10,000 Rent Revenue 50,000 Free Supply of ration General Expenses Donations 40,000 12,000 Other Revenues 10,000 Salary Expenses 18,000 Furniture 10,000 Additional information. O Prepaid Salaries Rs. 3,000 i) Unearned Rent Rs. 5,000 i) Utilities Payable Rs. 4,000 iv) Depreciation on furniture Rs. 1,000 Reguired: Prepare an Income and Expenditure account for the year ended on December 31, 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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