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shaalaa.com | Accounts of “Not for Profit” concerns
1. Introduction, meaning and features of “Not for Profit” concerns.
2. Receipts and Payments Accountmeaning and features. Distinction between Income and Expenditure account.
3. Preparation of Income and Expenditure Account and Balance Sheet with the following
(A) Additional Information
- Outstanding expenses and prepaid expenses of the current and previous year
- Accrued income and income received in advance
- Subscription received in advance and Subscription outstanding of the current and previous year
- Capitalisation of entrance fees.
- Creation of special funds out of donations
- Stock of stationery
- Opening balances of assets and liabilities
(B) Important Items Entrance fess, Subscriptions, Legacy, life membership fees, Sale of old assets, Scrap, News papers, Specific donation, General Donations, Specific Funds, Endowment fund.