Page 72 - VIRANSH COACHING CLASSES

2 Accounts of ‘Not for Profit’ Concerns

Content

2.1.1 Introduction
2.1.2 Meaning of Not for Profit concern.
2.1.3 Features of Not for Profit concern.
2.1.4 Difference between Profit organisation and Not for Profit organisation.
2.1.5 Need for maintainng books of accounts and preparing final accounts.
2.2.1 Meaning of Receipts and Payments Account.
2.2.2 Features of Receipts and Payments Account.
2.2.3 Types of Receipts i) Capital Receipts ii) Revenue Receipts
2.2.4 Types of Payments i) Capital Expenditure ii) Revenue Expenditure iii) Deferred Revenue
Expenditure.
2.2.5. Specimen of Receipts and Payments Account.
2.3.1 Meaning of Income and Expenditure Account
2.3.2 Features of Income and Expenditure Account
2.3.3 Specimen of Income and Expenditure Account
2.3.4 Distinction between Receipts and Payments Account and Income and Expenditure Account
2.3.5 Preparation of Income and Expenditure Account
2.3.6 Preparation of Balance Sheet
2.3.7 Implied Adjustments
2.3.8 Capital Fund
2.3.9 Specimen of Balance Sheet
2.3.9 Additional Information
2.3.9 1. Outstanding and Prepaid Expenses.
2. Accrued Income and Income Received in advance.
3. Subscription received in advance and outstanding subscription.
4. Depreciation.
5. Capitalisation of Entrance fees
6. Creation of special Funds out of donations.
7. Stock of Stationery,
8. Opening Balance of assets and liabilities.
B) Important Terms
2.3.9 1. Entrances fees
2. Subscription
3. Legacy
4. Life membership fees
5. Sale of old assets scrap Newspapers
6. Specific Donations

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