Financial Statements of Not-for-Profit Organizations

Financial Statements of Not-for-Profit Organizations
 Not-for-profit organizations: concept
 Receipts and Payment account: features
 Income and Expenditure account
 Features
 Preparation of Income and Expenditure account and Balance Sheet from
the given Receipts and Payments account with additional information
Scope
 Adjustments in a question should not exceed 3 or 4 in number and restricted
to subscriptions, consumption of consumables, and sale of assets/ old material.
 Entrance/ admission fees and general donations are to be treated as revenue
receipts.
 Trading Account of incidental activities is not to be prepared.