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Enterprise content management class lectures_241228297-Lectures-for-FA

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ed 1 © o N be C E re R pu T bl is h Accounting for Not-for-Profit Organisation LEARNING OBJECTIVES no tt After studying this chapter, you will be able to; • Identiy the need for, and nature of accounting records relating to not-for-profit organisations; • List the principal financial statements prepared by notfor-profit organisations and explain their nature; • Prepare the Receipt and Payment Account from a given data; • Explain the procedure of preparing the Income and Expenditure Account from a given Receipt and Payment Account and some additional information; • Distinguish between the Receipt and Payment Account and the Income and Expenditure Account; • Prepare Income and Expenditure Account and Balance Sheet from a given Receipt and Payment Account and the relevant additional information; • Explain treatment of certain peculiar items of receipts and payments such as subscriptions from members, special funds, legacies, sale of old fixed assets, etc. T here are certain organisations which are set up for providing service to its members and the public in general. Such organisations include clubs, charitable institutions, schools, religious organisations, trade unions, welfare societies and societies for the promotion of art and culture. These organisations have service as the main objective and not the profit as is the case of organisations in business. Normally, these organisations do not undertake any business activity, and are managed by trustees who ...
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