What are the Accounting records of not for profit organisation?

1.	What are the Accounting records of not for profit organisation?
Answer» 1. Not for profit organisation usually keep ‘a cash book’ in which all receipts and payments are recorded. 2. They maintain ‘a ledger’ containing the accounts of all incomes, expenses, assets, and liabilities which facilities the preparation of financial statements at the end of the accounting year. 3. The final accounts of a non-profit organisation consist of the following: Receipts and payment Account Income and Expenditure Account Balance sheet

Answer»

1. Not for profit organisation usually keep ‘a cash book’ in which all receipts and payments are recorded.

2. They maintain ‘a ledger’ containing the accounts of all incomes, expenses, assets, and liabilities which facilities the preparation of financial statements at the end of the accounting year.

3. The final accounts of a non-profit organisation consist of the following:

Receipts and payment Account
Income and Expenditure Account
Balance sheet

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What are the Accounting records of not for profit organisation?

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