Archive about 'Non-Trading Concerns'

Learn how to treat Donations made to a non-profit making organizations

Tweet The treatment of donations ,legacies ,etc will depend upon the purpose for which they are made.If the donation is intended to add to the club funds- credit to the Income and Expenditure accontIf the donation is given for a special purpose like the provision of a new club house or to coach youngsters to […]

How to treat Life subscriptions and entry fee in a non-profit making organizations

Tweet   These are lump sums paid by members and using the matching method they should be credited when received to Deferred Income account and credited to Income and Expenditure account in equal annual installments over such period as determined by the committee.

What are the ways to treat Subscriptions in Arrears in a non-profit making organizations

Tweet Two ways of handling them: (a)    To omit unpaid subscriptions from the Income and Expenditure account and the balance sheet. If the subscriptions are paid at a later date,  they will be credited to the Income and Expenditure account in the year in which RECEIVED ( this method is seldom used) (b)   To credit […]

What are the Books Maintained in non-trading organizations

Tweet Non trading organizations normally maintains the following books for their operations: Register of members Minutes Book for recording the proceeding of meetings A cash receipt journal with separate columns for donations, entrance fees, subscriptions, Receipts for special programs or Funds, special receipts for Billiards, Tennis, Swimming and Bank transactions A cash payment journal with […]

Format of Trading,Income and Expenditure Account and Balance Sheet Of A Non-Trading Organization

Tweet  { click here to go to content page on all other articles on commonly used Accounting Reports format }

Answer To True Or False Questions On Accounts Of Non Trading Concern

Tweet REFER TO QUESTIONS True False 1.0 Receipts and payments account starts with the balance in the beginning and ends with the balance at the end X 2.0 Income and expenditure account is a real account X 3.0 General donations of small amount appearing in Receipts and Payments account are treated as income and carried […]

True & False Question With Answers On Accounts Of Non Trading Concerns

Tweet QUESTIONS [  CLICK HERE FOR ANSWER] True False 1.0 Receipts and payments account starts with the balance in the beginning and ends with the balance at the end 2.0 Income and expenditure account is a real account 3.0 General donations of small amount appearing in Receipts and Payments account are treated as income and […]

List Of Topics Under The Heading Non Trading Organizations

Tweet Click to the respective topic on Non Trading Organizations: Content Page On NON TRADING ORGANIZATIONS 1.0 Accounting For Non Trading Concerns – Part 1 2.0 Accounting For Non Trding Concerns – Part 2 3.0 Non Trding Concerns And Its Financial Statements 4.0   QUESTIONS BANK: Accounting Test Question No NT 1 Answer to Accounting […]

Accounting Test Question No.NT 2 On Non-Trading Organization

Tweet Question No NT 2 On Non-Trading Organization The following statement has been prepared for the XYZ Social Club: Receipts and Payments Account for the year ended 30 April 2007   $   $ Balance at bank at 1 May 2006 1,950 Payment for food and drink 6,320 Subscriptions 4,975 Wages 8,790 Cafeteria takings 11,860 […]

Answer To Accounting Test Question NT No. 1 On Non-Trading Organizations

Tweet Answer to Accounting Test Question NT No.1: ABC Sports Club (a) Subscriptions Account 2005 $ 2005 $ Jun 1 Balance b/d 1,230 Jun 1 Balance b/d 100 Income & Expenditure a/c 69,826 Receipts a/c 70,066 2006 2006 May 31 Balance c/d 450 May 31 Balance c/d 1,340 71,506 71,506 (b) Rates Account 2005 $ […]