Archive | Organizations

Income and Expenditure Account of Not-For-Profit Organizations

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 (nominal accounts) and pertaining to the present […]

Balance Sheet of Non-Profit Organisations

Read this article to learn about the preparation of balance sheet for non-profit organizations. The balance sheet of non-profit organizations is prepared in the same manner as in the case of business enterprises. Assets of the organization are recorded on the ‘Right-hand side’ and Liabilities on the ‘Left-hand side’. Except for some peculiar transactions, the […]

Receipts and Payments Account for Not-For-Profit Organisations

Let us make in-depth study of the meaning and features of Receipts and Payments Account for Not-For-Profit organisations. Meaning of Receipts and Payments Account: Receipts and Payments Account is a real account showing summary of all cash and bank transactions occurred during the accounting year. It is prepared at the end of the accounting year. […]

Not-For-Profit Organizations: Meaning, Objectives and Features

Let us make in-depth study of the meaning, objectives and features of Not-For-Profit organisations. Meaning of Not-For-Profit Organisations: The sole purpose of any business organization is to earn profit. In other words, they work for self-interest. However, there are some organizations whose basic aim is to serve the society i.e. they work for the benefit […]

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