Non Profit Organisation Or Non Trading Organisation now a days are popular among peoples and organisation. People want to do social services and helps the government to uplift the lower sections of society and make available resources to whom who are deprived from. There is no doubt that they do not have motive, they also doing work with objectives and mission but their motive is not to earn profit. with the help of this ppt reader can understand characteristics and importance of NPO's as well as their accounting techniques and different types of account.
This is only for educational purpose.
Royalty is a periodic payment made by a lessee or user of property or rights to the owner. It is based on an agreed rate, such as per unit produced or sold. Royalty payments are a normal business expense for the lessee and the balance at year-end is transferred to the profit and loss account. There are different types of royalties including copyright, mining, and patent royalties.
This document discusses accounting for the issue, forfeiture, and re-issue of shares. It begins with an outline of the unit topics, including the meaning and types of shares, accounting for share issues, rights issues, bonus shares, and forfeiture and re-issue of shares. Several key aspects of share capital are defined, such as authorized, issued, subscribed, called-up, and paid-up capital. An example journal entry for a share issue transaction is provided. The document also covers equity shares, preference shares, and sweat equity shares.
Bangalore University - M.Com III semester : Accounting & Taxation specialization : Subject : Accounting For Managerial Decisions - Performance Measurement System - Theory with Examples.
Non-profit organizations are formed by promoters to provide social services and activities that enhance public welfare, not to earn profits. They have separate legal identities from their members and trustees manage them. Non-profits prepare annual financial statements including a receipts and payments account showing cash flows, an income and expenditure account in place of a profit and loss statement, and a balance sheet showing assets, liabilities, and capital at a given date. Their main sources of funding are donations and government grants.
This document discusses various methods for valuing goodwill, including the years' purchase of average profit method, years' purchase of weighted average method, capitalization method, super profit method, and annuity method. It provides examples and calculations to demonstrate how each method is applied in practice. The key information is that goodwill valuation is important for sole proprietorships, partnerships, and companies in various scenarios like sales, mergers, and changes in ownership or profit sharing. Multiple accepted approaches exist to determine the monetary value of goodwill for accounting purposes.
The document discusses investment accounts and related journal entries. It explains that an investment account is maintained for each security/script to record transactions separately. It also discusses entries for purchase and sale of investments at interest dates and before interest dates. For purchases/sales before an interest date, it explains the treatment for cum-interest and ex-interest quotations. Cum-interest means the quoted price includes accrued interest, while ex-interest means it does not. The accounting entries record the purchase/sale price and treat accrued interest separately.
The document discusses Indian accounting standards, including the meaning and benefits of accounting standards. It provides details on several specific accounting standards such as AS1 on disclosure of accounting policies, AS6 on depreciation accounting, AS9 on revenue recognition, and AS10 on accounting for fixed assets. The standards cover topics such as selection and disclosure of accounting policies, methods of depreciation, timing of revenue recognition, calculation of costs of fixed assets, and revaluation of fixed assets. The overall objective of the accounting standards is to standardize different accounting policies and practices in India.
The document discusses accounting concepts related to provisions and reserves. It defines a provision as an amount written off to account for depreciation or known liabilities. Provisions for doubtful debts are created by debiting the profit and loss account and crediting the provision for doubtful debts account. Reserves are amounts appropriated from profits that are not meant to cover specific liabilities and help strengthen a company's financial position. The key differences between provisions and reserves are that provisions directly impact taxable profits while reserves do not, and provisions are for certain liabilities while reserves strengthen the balance sheet. Revenue and capital reserves are also discussed along with their uses.
Understanding Income Tax - Profits & Gains of Business or Profession [Sec 36 ...DVSResearchFoundatio
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the general admissible deductions, amounts not deductible, deductions subject to payments, Computation of income in case of construction and service contracts, Insurance business, etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
Treatment of a Transaction depends on the duration of its effect, i.e Long term or short term. The long term effect transaction i.e Capital Transactions & the short term
Deemed income refers to amounts that are treated as taxable income even though they may not meet the normal definition of income. The Income Tax Act extends the definition of income to include various receipts such as capital gains, voluntary contributions, compensation received, insurance surplus, and windfall gains.
Some key types of deemed income discussed in the document include deemed dividends from closely-held companies, income from transferred assets that is clubbed with the transferor's income, gifts exceeding certain thresholds, consideration received for shares issued by closely-held companies above fair market value, unexplained cash credits, unexplained investments/expenditures/money, and certain provident fund contributions and payments.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
This chapter discusses labor costs, including distinguishing between direct and indirect labor costs. It covers labor cost control methods like timekeeping and time booking. Different wage payment systems like time rates, piece rates, and bonus systems are explained. Key aspects of labor costs include labor turnover calculation methods, maintaining payroll records, and generating pay slips that include salary deductions. Departments involved in labor cost control are also listed.
1. The document discusses types of partnerships including general, limited, and limited liability partnerships. It defines essential features of partnerships such as two or more persons, agreement to share profits, engagement in a business.
2. Key components of a partnership deed are outlined including names of partners, capital contributions, profit sharing ratios, and dispute resolution procedures.
3. Two methods for maintaining partner capital accounts are described: the fluctuating capital method and fixed capital method. The fluctuating method records all partner transactions in one capital account whereas the fixed method uses a separate partner's current account.
The document discusses buybacks of shares by two companies, Binani Cement Ltd and Hindustan Unilever Ltd. Binani Cement Ltd is issuing a public announcement for a buyback of shares in compliance with SEBI regulations, with a closure date of August 10, 2010. Hindustan Unilever's board approved a share buyback of up to Rs. 280 per share not exceeding Rs. 630 crore, as announced last week. The company had cash and bank balances of Rs. 2102.38 crore as of March 31.
The document discusses various types of preference shares such as cumulative, non-cumulative, redeemable, non-redeemable, convertible, and participating shares. It also covers the accounting treatment for redeeming preference shares, including transferring profits to a capital redemption reserve equal to the nominal value of shares redeemed. The capital redemption reserve can be used to issue bonus shares. Securities premium may be used to write off any premium paid to redeem preference shares.
The document discusses the concept of hire purchase, which is a mode of financing where goods are leased on hire with the option for the lessee to purchase them by paying installments. Key points include: hire purchase involves periodic installment payments, immediate possession of goods by the buyer but ownership remaining with the seller until final payment; features like being based on a written agreement and ownership transferring after final payment; and rights and obligations of both the hirer and hire vendor. Differences between leasing and hire purchase are also outlined.
- Not-for-profit organizations are established for charitable or social purposes, not to earn profits. They provide services to members and society on a voluntary basis.
- They prepare key financial statements including a Receipts and Payments Account, Income and Expenditure Account, and Balance Sheet. The Receipts and Payments Account records all cash receipts and payments regardless of period. The Income and Expenditure Account is prepared on an accrual basis and shows the surplus or deficit which is transferred to the Capital Fund on the Balance Sheet.
This document provides information about accounting for non-profit organizations. It describes their characteristics including operating to provide services rather than maximize profits. Financial statements for non-profits include a receipts and payments account, income and expenditure account, and balance sheet. Specific accounts like accumulated funds and treatment of subscriptions, donations, and investments are also outlined. An example is provided showing financial statements for a club including an income and expenditure statement and balance sheet.
Clubs & societies cambridge a level tuition: Cambridge A Level Paper 3 No...Sanjaya Jayasundara
Candidates should be able to prepare fnancial statements for
‘not for proft’ organisations, including:
• a trading account
• an income and expenditure account
• a statement of financial position.
Clubs and socieities all theories , past papers model papers extra readings
Accounting For Non Profit Oriented Organization.PdfSarah Morrow
The document discusses non-profit organizations. It defines them as organizations formed not to earn profits but for charitable or social purposes. It then outlines their key features:
1) They have a separate legal entity independent of members.
2) Their main motive is to provide services to society and members, not earn profits.
3) Common forms include hospitals, schools, clubs, and associations.
4) Any excess revenues go to the organization's surplus rather than being distributed as profits. Accounts include a receipts and payments account and income and expenditure account.
The document provides information about accounting for non-profit organizations. It discusses key terms like accumulated fund, income and expenditure account, and surplus/deficit. It also compares non-profit and for-profit entities, highlighting differences in primary motive, ownership, distribution of profits, and accounting statements. The document then lists various revenue receipts and payments for non-profits and provides an example of preparing an income and expenditure account and balance sheet for a sports club.
The document provides information about financial statements of not-for-profit organizations. It discusses the key components of their financial statements which include a receipts and payments account, income and expenditure account, and balance sheet. It explains items that appear on each financial statement such as subscriptions, donations, depreciation, capital and revenue expenditures. It also differentiates between general funds and specific funds maintained by not-for-profit organizations.
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
This document discusses the accounting treatment for non-trading concerns. It notes that non-trading concerns include organizations like hospitals, schools, clubs, charities which exist to serve members rather than generate profit. Their final accounts typically include a receipts and payments account, income and expenditure account, and balance sheet. The receipts and payments account summarizes all cash transactions, while the income and expenditure account excludes capital items and adjustments outstanding income/expenses. The balance sheet presents assets and liabilities of a capital nature.
clubs & societies : final accounts of non - profit organisationsSanjaya Jayasundara
- The document provides information about accounting for clubs and societies, including preparing receipts and payments accounts, income statements for trading activities, subscriptions accounts, income and expenditure accounts, and statements of financial position.
- It includes examples of preparing these accounts for a fictional sports club called the SSS Sports Club, which has members' subscriptions as its main source of income and also runs a shop selling sportswear.
- Key terms discussed include accumulated fund, which is equivalent to capital for non-profit organizations, and how profits/losses from trading activities are treated differently than in a normal business.
The document provides information about completing the accounting cycle for a service business, including preparing various financial statements. It discusses the statement of comprehensive income/financial performance and the key elements included such as revenue, expenses, gains/losses, taxes. Sample statements are presented for Mimito Dental Clinic and Mariell's Beauty Salon. The statement of changes in equity and how it differs for sole proprietorships, partnerships, and corporations is explained. Finally, it covers the statement of financial position format and accounts, as well as an overview of the statement of cash flows including the three main activities of operating, investing, and financing.
The document provides an overview of the accounting process and accounting equation for corporations and individuals. It discusses the steps in the accounting cycle including journalizing transactions, posting to ledgers, preparing trial balances and financial statements, and the use of adjusting entries. Examples are provided to illustrate accounting for various transactions and preparing full financial statements for a sample company, Dress Right Clothing Corporation.
This document discusses the accounting statements for non-profit organizations. It explains that non-profits render services to members rather than operating for profit. Their statements include a receipts and payments account, which is like a cash book; an income and expenditure account, which shows surplus or deficit; and a balance sheet. The receipts and payments account records all cash inflows and outflows, while the income and expenditure account uses accrual accounting to determine the current surplus or deficit. Together these statements provide information on the financial position and performance of the non-profit entity.
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in net accounts receivable $17,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 150,000
Collections for January (120,000)
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in estimated uncollectible accounts $3,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 30,000
Collections for January (25,000)
Cambridge A Level
Cambridge O Level
Accounting
9706
Differences between a club and a company
Difference between capital and accumulated fund
Terms used in a club and a profit making business
Differences between the financial statements of a not for profit organisation and a limited company or another profit oriented business like sole trader and partnerships
Reason to capitalize the donations received
Reasons to not to give dividends to members
Differences between the donation and subscription
Subscription calculation using the account or equation
Differences between receipts and payments account and income and expenditure account
All the important theories for a level students under clubs and societies final account
Accounting for Not for Profit OrganisationsPreksha Mehta
In this presentation, you will find notes , accounting treatment and practical questions on the unit Financial Statements of not for profit organisations.
The document discusses single entry system of accounting. It defines single entry system and explains its key features. Single entry system maintains accounts for debtors and creditors only and does not follow strict double entry principles. The document outlines two methods to calculate profit or loss under single entry system - statement of affairs method and conversion method. The statement of affairs method calculates profit by comparing opening and closing capital. The conversion method converts single entry records to double entry format to determine accurate profit. Sample problems are provided to demonstrate the application of these methods.
Financial statement of non - profit organisationGHSS Chavakkad
Non-profit organizations are established to provide services rather than earn profits. They are organized for social, educational, religious, or charitable purposes. Their main objectives are to serve members and society without trading or earning profits. Financial statements for non-profits include a receipts and payments account, income and expenditure account, and balance sheet. The receipts and payments account summarizes all cash receipts and payments, while the income and expenditure account records revenue and expenses to determine any surplus or deficit. The balance sheet presents assets, capital or fund balances, and liabilities at a point in time.
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Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
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What is Person-Centred Experiential Therapy?donnytrakindo
Counselling and psychotherapy practitioners understand their work from a variety of perspectives. There are a variety of well-established 'models' or 'approaches' and these generally hold many insights in common, whilst also having their own specific contributions and characteristics (click here for a brief summary of these from BACP). My work is firmly but flexibly rooted in person-centred experiential approaches.
This approach to therapy originated in the work of psychologist, therapist, educator, and researcher, Carl R. Rogers (1902-1987), who was the initiator not only of what he called 'Client Centred Therapy' but also of innovative approaches to education, human relations, and community-building. In the decades since his death, the approach has been developed by practitioners and theorists in many parts of the world, and notably in Scotland. These developments have led to a number of different emphases in working, collectively now described as 'Person-centred and Experiential Psychotherapies' (PCE), which have a long-established,
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Non-Trading Organisation or NPO
1. TOPIC: ACCOUNTING FOR NON TRADING
ORGANISATION
• PREPARED BY-
RISHAV KUMAR
SRM-IST RAMAPURAM, CHENNAI
ASSISTANT PROFESSOR
DEPARTMENT OF COMMERCE
2. Non-Trading Organisation
• A non-trading organization, also known as a non-trading
company or a non-trading entity, is a type of organization that
does not engage in commercial activities for profit.
• Unlike businesses that are set up to buy and sell goods or
provide services for financial gain, non-trading organizations
are typically established to serve a specific purpose, often for
social, charitable, educational, or religious objectives.
3. Characteristics of Non-Trading Organisation.
• Non-profit Purpose: The primary objective of non-trading organizations is to
serve a specific social, charitable, educational, religious, or other socially
beneficial purpose. Their main focus is on advancing their mission and providing
public benefits, rather than generating profits for shareholders or owners.
• No Distribution of Profits: Unlike for-profit businesses, non-trading organizations
do not distribute profits or surpluses to individuals or stakeholders. Any surplus
funds generated from their activities are reinvested into furthering their mission
and objectives.
• Tax-Exempt Status: Many non-trading organizations enjoy tax-exempt status
granted by governments. This status provides certain tax benefits, such as
exemption from income tax, enabling them to direct more resources toward their
missions.
• Governance: Non-trading organizations typically have a board of directors or
trustees responsible for overseeing the organization's activities and ensuring it
operates in accordance with its mission and legal requirements.
4. • Maintenance of Accounts:- Typically, the accounts of a non-
trading concern are maintained using the double entry book
keeping system. At the end of the year, a summary is
created, which is known as the income and expenditure
summary and balance sheet. These institutions and
societies do not maintain a full set of books. Only a cash
book is maintained in which all receipts and payments are
entered.
5. Final Accounts of Non-Profit Organisation
1. Income and Expenditure Account (or Statement of Activities): The Income and
Expenditure Account is similar to the income statement or profit and loss
statement of a for-profit business. It records all the incomes received and
expenses incurred by the non-trading organization during a specific accounting
period, usually one year. The purpose of this account is to determine the
surplus (income exceeding expenses) or deficit (expenses exceeding income)
for that period.
2. Receipt and Payment Account : While not always required, some non-trading
organizations may prepare a cash flow statement to provide information about
the cash inflows and outflows during the accounting period. This statement
helps in assessing the organization's ability to generate and manage cash.
3. Balance Sheet (or Statement of Financial Position): The Balance Sheet
provides a snapshot of the non-trading organization's financial position on a
specific date, usually the end of the accounting period. It lists the organization's
assets, liabilities, and net assets (or equity).
9. Q1. Prepare Receipt and Payment account of a club for the year ended
31st Dec,1999 from the following particulars:
Opening balance of cash 40000 Rent paid 1200
Receipt of entrance fees 8000 Payment of purchase of cricket ball 500
Subscription received for 1999 16000 Payment of purchase of cricket bat 1600
Previous year’s subscription
received
1600 Payment of Stationary in cash 100
Paid Salaries 2000
Paid for Miscellaneous expenses 200
10. Receipts Rs Payments Rs
To balance b/d 40000 By Rent 1200
To Entrance fees 8000 By Cricket ball 500
To Subscription: By Cricket bats 1600
For 1999 16000 By Stationary 100
For 1998 1600 17600 By Salaries 2000
By Miscellaneous expenses 200
By Balance c/d 60000
65600 65600
Solution: Receipt and Payment Account for the Year ended 31st Dec. 1999
11. Q. The following is the Receipt and Payment account of Kanan
Recreation club for the year ended 31st March,2002.
Receipts Rs Payment Rs
To Balance b/d 7,000 By Salaries 28,000
To Subscriptions: By General Expenses 6,000
2000-2001 5,000 By Electricity 4,000
2001-2002 20,000 By Book Purchased 10,000
2002-2003 4,000 29,000 By Periodicals Purchased 8,000
To Rent for use of conference room 14,000 By Loan Repaid 20,000
To Receipt from entertainment facilities 28,000 By Balance c/d 4,000
To sale of old magazines 2,000
80,000 80,000
12. Additional Data:
• The club has 50 members each paying Rs 500 PA as subscription.
• Subscription outstanding on 31-03-2002 Rs 6,000
• Salaries outstanding Rs 2,000. Salaries paid include Rs 6,000 for
2000-01.
• On 01-04-2001, the club properties were:- Building Rs-2,00,000,
Furniture & Fittings- Rs 20,000 and Books- Rs 20,000.
• Provide Depreciation @10% on Building and Furniture.
Prepare Income and Expenditure A/c for year ending 31-03-2002 and a
balance sheet on that date.
13. Solution-
Income and Expenditure Account of Kanan recreation club
For the year ending 31st March, 2002
Expenditure Rs Income Rs
To salaries 28,000 By Subscription received for
Add- Outstanding 2,000 2001-02 20,000
Less- Salary of previous year
paid
6,000 24000 Add- Outstanding for 2001-02
(500*50-20000)
5,000 25,000
To general expenses 6,000 By rent of conference room 14,000
To Electricity 4,000 By income from
To periodicals 8,000 Entertainment facilities 28,000
To Depreciation- on building 20,000 By Sale of old 2,000
on Furniture 2,000
To Surplus –Excess of income
Over expenditure 5,000
69,000 69,000
14. Balance sheet of Kanan recreation club
As on 31st March, 2002
Liabilities Rs Assets Rs
Salaries outstanding 2,000 Cash in hand 4,000
Subscription received in advance Outstanding subscription:
For 2002-03 4,000 For 2000-2001 1000
(6000-5000)
Capital fund on 1-4-2001 (W.N) For 2001-2002 5000 6,000
2,27,000 Books 20,000
Add- Surplus for the year 5,000 2,32,000 Add- Purchases during the year
10,000
30,000
Furniture 20,000
Less- Depreciation 2,000 18,000
Buildings 2,00,000
Less- Depreciation 20,000 1,80,000
2,38,000 2,38,000
15. Working note for capital fund as on 01-04-2001:
Balance sheet as on 31-03-2001
Liabilities Rs Rs Assets Rs Rs
Salaries outstanding 6,000 Cash in hand 7,000
Loan 20,000 Subscription outstanding
(5000+1000)
6,000
Capital Fund (Bal. fig) 2,27,000 Books 20,000
Furniture and fittings 20,000
Building 2,00,000
2,53,000 2,53,000