The following information belong to ABC Nonprofit Organization: Statement of Financial Position (ending 31 March 2019) Current
Question:
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 : |
a. Fundraising expenses include 30 % from contributions, 30 % from fundraising events, and the remaining from the investment income.
b. Depreciation expense on the noncurrent assets is at 15 % pa.
Q.
Prepare statement of activities and statement of financial position ending 31 March 2020.