Acc316/413

2nd sem SY 2020-2021

UNIVERSITY OF LUZON
COLLEGE OF ACCOUNTANCY

ACCOUNTING FOR PRIVATE NOT-FOR-PROFIT ORGANIZATIONS

The following information was taken from the accounts and records of the Samaritan Foundation, a
private no-for-profit organization. The balances are as of December 31, 2020, unless otherwise noted:
Unrestricted support – contribution P5,000,000
Unrestricted support – membership dues 600,000
Unrestricted revenues – investment income 96,000
Temporarily restricted gain on sale of investments 9,000
Expenses – research 3,200,000
Expenses – fund raising 700,000
Expenses – management and general 300,000
Temporarily restricted support – contributions 600,000
Temporarily restricted revenues – investment income 50,000
Permanently restricted support – contributions 60,000
Unrestricted net assets, January 1, 2020 500,000
Temporarily restricted net assets, January 1, 2020 6,000,000
Permanently restricted net assets, January 1, 2020 50,000

The unrestricted support from contributions was all received in cash during the year. The expenses
included P1,300,000 payable from donor-restricted net assets.

Required: Statement of Activities for 2020 (columnar format in MS excel)