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Final Accounts NPO CMA
By Sheela Warrier MeraSkill.com
Index What are Not for Profit Organizations (NPO) Financial Statements Receipts and Payments Account Income and Expenditure account Balance Sheet Difference between FS of PO and NPO Special items Quiz
What is a NPO Entities with no profit motive Provide service to members or community Non trading entities Subscription, entrance fees, donations, grants, legacies Surplus or deficit No distribution of surplus Clubs, educational institutions, public hospitals, charitable trusts
Financial Statements
Financial Statements Receipts and Payments Account Income and Expenditure Account Balance Sheet Not registered under Section 8 of the Companies Act
Receipts and Payments Account Summary Cash Book Real Account Begins with Opening balance; Ends with Closing balance Not a part of Double Entry System Cash flows - revenue or capital Cash flows- current year or another year Cannot determine surplus or deficit
Format of Receipts and Payments Account
The following were the receipts and payments of Jai Hind Club for the year ended 31st December: Subscription received: for the current year 50,000 , for the previous year 2,000 and for next year 3,000; Life Membership Fees 60,000, Donation 25,000, Sale of Furniture 5,000 (WDV 6,000), Income from Souvenir 12,000; Exhibition collection 40,000, Rent paid 60,000 Honorarium to Secretary 20,000, Exhibition Expense 20,000, Construction of club room 40,000, Electricity 20,000, Purchase of furniture 10,000, Cash in hand : 1st Jan 6,000 31st Jan 5,000.Bank: 1st Jan 7,000 31st Jan ? Prepare Receipts and Payments Account.
Income and Expenditure Account Profit and Loss Account Only Revenue Items Accrual Basis Nominal Account
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