Transcription of Non-Profit Organisations or Club Accounts
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Non-Profit Organisations or Club Accounts
Non-Profit Organisations or Club Accounts Receipts and Payments Accounts and Income & Expenditure Accounts of Non-Profit Organisations 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. These clubs are run so that their members can do things such as play football or chess. The kind of final Accounts prepared by these Organisations are either Receipts and Payments Accounts or Income and Expenditure Accounts . Receipts and Payments Accounts The Receipts and Payments Account of a firm is the summary of the Cash Book for the period. The Receipts and Payments Account for the year ended 31 December 20X8 Receipts $ Payments $ Bank balance 2,360 Groundsman's Wages 7,270 Subscriptions received for 20X8 11,480 Sport's Stadium Expenses 2,960 Rent Received 1160 Committee Expenses 580 Printing and Stationary 330 Bank Balance c/d 3,850 Bank Balance b/d 15,000 15,000 3,850 Income and Expenditure Accounts A receipts and payments account only shows the amount of money entering and leaving an organisation .
Sometimes there are reasons why a non-profit making organisation would want a Trading and Profit and Loss Account. This is where something is done to make a profit. However, the profit is not kept, but is used to pay for the main purpose of the organisation. For Example a Trading Account may be drawn up for a club bar that is aiming to make a ...
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