This article explained what’s are the financial statements of a non-trading concern:
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What are the Financial Statement of A Non-Trading Concern: |
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 They are the following:  · Receipts and Payments Account; · Income and Expenditure Account ( also includes the Trading account if it runs restaurant or bar) · A Balance Sheet if it has other assets beside Cash  |
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Tabulated below the difference between the Receipts and Payments Accounts and the Income and Expenditure Accounts:
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Receipts & Payments A/c |
Income And Expenditure A/c |
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Is equivalent to the Cash Book of a trading concern. |
Summary of all revenue income earned and all revenue expenditure incurred in the current year, the balance being surplus or deficit. |
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Contains both revenue and capital items |
Only revenue items are included. |
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Contains the part actually received or paid plus items relating to preceding or succeeding periods |
Also based on accrual basis where all income and revenue expenditures attributable to the current period are included. |
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If positive bank balance then include as Current Assets in the Balance Sheet otherwise as overdraft classified under Current Liability |
If surplus balance is added to the Accumulated Fund in the Balance Sheet. Vice versa, if deficit, to deduct from Accumulated Fund in the Balance Sheet. |