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Prepare Income and expenditure account for the year ended December 31 2017 and a balance sheet as on that date after the following adjustments.
Income and expenditure account of non profit organisation. Clubs associations and other non-profit making organisations do not have trading and profit and loss accounts drawn up for them as their main purpose is not trading or profit making. The basic features of income and expenditure account are as under. All expenditures are recorded in the debit side.
A Profit or loss is directly shown in the Balance Sheet b Profit or loss is to be presented in income and expenditure account c Profit and loss is credited in income statement. The Income and Expenditure Account is simply another name for the Profit and Loss Account drawn up for a non-profit organisation. Ii Based on accrual concept all items of revenue and expenditure are matched and recorded in this account.
The income and expenditure account is similar to profit and loss of trading concern. A tax refund is an entry charge or entry fee which is thus paid for as an income and added the Income and Expense Account. It will be added in the capital fund on the liability side.
Entrance Fee or Admission Fee is a revenue receipt and therefore is accounted as an income and credited to Income and Expenditure Account. In this account all losses and expenses relating to the period are debited and all gains and incomes relating to the same period are credited. An income and expenditure account is just like a profit and loss account.
A Asset Capital Liabilities. Iv Entrance Fees. Income and expenditure account of a non-profit organisation is a nominal account.
The amount credited to the Income and Expenditure Account should equal the annual subscription per member multiplied by the number of members. D Profit or loss is added to accumulated fund. It is usually termed as excess income over expenditure.
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