Advanced financial accounting - Lecture 6: Non-Profit organizations
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Advanced Financial
Accounting
FIN611
Main Ahmad Farhan
Lecture6
NonProfit organizations
NonProfit Organizations
1.
2.
Which is maintaining proper books of
accounts and follows double entry accounting
system.
Which is not maintaining proper books of
accounts and not follow double entry
accounting system.
Organizations that follows no proper Accounting system
Small Size
Medium Size
Library
Receipt and payment Account
For the year ended 31st Dec, 2008
Receipts
Cash Bank Payments
Opening balance
Subscription received
Membership fee
Donations
Loan received
Any other income
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
Telephone bill
Rent
Salaries
Entertainment
expenses
News paper &
Periodicals
Any other
expenses
Closing balance
Cash Bank
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
Preparation of Income Statement
1.
2.
Function of expense method
Nature of expense method
Income statement under
Function of expense method
Sales
Less Cost of goods sold
Gross profit
Less Operating expenses
Administrative
Selling and marketing
Profit from operations
Add other income
Profit before tax
Less Income Tax
Profit after tax
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
xxx
Function of Expenses
1.
2.
3.
4.
5.
Cost of goods sold
Administrative expenses
Selling and Distribution expenses
Financial expenses
Income tax expenses
Income & Expenses Account
Income
Subscription income xxx
Membership fee
xxx
Entrance fee
xxx
Total income
xxx
Expenses
Salaries
xxx
Entrance fee
xxx
Electricity bill
xxx
Building rent
xxx
Total expenses
xxx
Excess of Income over
Expenditure/surplus
xxx
Income & Expenses Account
Income
Amount
Subscription income xxx
Membership fee xxx
Entrance fee
xxx
xxx
Expenditure
Salaries
Entrance fee
Electricity bill
Building rent
Amount
xxx
xxx
xxx
xxx
Excess of Income
Over Expenditure
/surplus
xxx
xxx
xxx
