From the particulars given, prepare Income and Expenditure Account for the year ended 31st December It ends with Surplus or Deficit. It was found out at the end of the year that amounts to be received for subscriptions were Rs 1, and for use of library hall were Rsprepaid insurance on building was Rs and outstanding sundry expenses were Rs The Calcutta Cricket Club gives you the following information: The following are the items of receipts and payments of the All India Sports Club summarized from accounts maintained by the Secretary: Charitable institution may receive donations from time to time.
General Donations of comparatively huge amount, which are of non-recurring nature, may be added to the Capital Fund. Tip Nonprofit organizations do not have to pay taxes on the income from fund-raising and donations if the organization gets a tax exempt status from the Internal Revenue Service IRS.
The difference between the debit side and the credit side is either surplus or deficit for the year concerned and the difference will be transferred to the Capital Fund also called General Fund or Accumulated Fund appearing in Balance Sheet.
Non-trading concerns usually collect subscriptions every month from their ordinary members. Items which are revenue in nature nominal accounts and pertaining to the present accounting period are recorded in this account. Here, the debtors for outstanding fees are of a very uncertain nature.
Such amount cannot be used for any other purpose, except the purpose of donor. If institution consumes certain items such as medicines by hospital or sports items by clubs, relevant figures for Receipts and Payments Account and Income and Expenditure Account will be calculated.
Subscriptions received in — Rs. All the Donations debited to Receipts and Payments Account and these amounts may be credited to Income and Expenditure Account or Liability side of the Balance Sheet, if it is for a specific purpose.
A Opening Balance Sheet: For service businesses, this might not be such a large factor. Actual cash transactions are entered. The lease of the club premises cost Rs 2,Non Profit Organization Sample Income, expenses and balance of cumulative funds for the year ended December 31, Income Contributions, Expenses charged to Joint plan committee (,) (,), Additional information Non Profit Organization Sample.
ADVERTISEMENTS: Let us make in-depth study of the meaning and features of Income and Expenditure Account of Not-For-Profit organisations. Meaning of Income and Expenditure Account: Income and Expenditure Account is a nominal account and includes only those items which are revenue in nature.
Items which are revenue in nature. Business Plan for Non-Profit Organisation Funding Page 1 Provincial Administration: Western Cape Department of Social Development DSD APPLICATION FOR NON-PROFIT ORGANISATION FUNDING R OR LESS Income Expenditure Total Total NB.
1 Create a Non-Profit Income Statement; 2 Understand a Nonprofit Financial Statement; "How to Create Financial Statements for a Non Profit Organization." Small Business. Apr 27, · Video#61 Non Profit Organisation|Income and Expenditure Account|Concept & Format|Accounts Class PREPARATION OF FINANCIAL STATEMENTS OF NON-PROFIT ORGANIZATIONS FROM INCOMPLETE RECORDS Advanced Financial Accounting Commerce Accounting Commerce Finance Advanced Financial Accounting: Previous Income & Expenditure Account.
For the year ended December 31, Rupees. Incomes. Rupees. .Download