Archive | Non-Profit

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 accounting period are recorded in [...]

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 items are also same. The [...]