Question

Prepare a balance sheet for Freedom Non-Profit Organization as follows:

Freedom Non-Profit Organization
Balance Sheet
As of July 31, 2019
Wages/Salaries	$960,597
Consultants	240,362
Office Supplies & Expenses	144,096
Rent (per year)	876,223
Utilities	26,305
Legal Fees	23,043
Accounting Fees	13,530
Telephone and Internet	8,287
Insurance	12,157
Bank Fees	14,732
total earned revenue	192,732
account receivable	73,826
check/savings	573,532
grants receivable	12,523
prepaid expenses	21,872
Capital Asset	265,201
Account Payable	35,064
Bank Loan	736,272
Petty Cash	35,000
Miscellaneous Expense	25,342
Interest Expense	643
Equipment	34,204

Answer 1

For Non-Profit Organization (NPO) following accounts will be prepared :

Receipts and Payments A/c

Payments	Amount (in $)	Receipts	Amount (in $)
Wages & Salaries	960,597	Revenue Earned	192,732
Consultants	240,362	Deficit	2,152,585
Office Supplies & Expenses	144,096
Rent	876,223
Utilities	26,305
Legal Fees	23,043
Accounting Fees	13,530
Telephone & Internet	8,287
Insurance	12,157
Bank Fees	14,732
Misc Expenses	25,342
Interest Expense	643
Total	2,345,317	Total	2,345,317

Balance Sheet

Liabilities		Amount (in $)	Assets	Amount (in $)
Capital Fund (Bal. fig.)	2,397,407		Capital Asset	265,201
Less: Deficit	2,152,585	244,822	Equipment	34,204
			Accounts Receivable	73,826
Bank Loan		736,272	Grants Receivable	12,523
Accounts Payable		35,064	Pre-paid Expenses	21,872
			Savings Account	573,532
			Petty Cash	35,000
Total		1,016,158	Total	1,016,158