Non-profit mystery
This query is : Resolved
05 August 2010
Sir/Madam,
While doing chapter of "Non-profit Organizations" we prepare
*Receipt and Payment A/c*
Now in book I've read that this A/c doesn't form part of Double Entry System.
Why is it so...???
Or how could we judge that this or that A/c or Statement doesn't form part of Double Entry Accounting System...???
While doing chapter of "Non-profit Organizations" we prepare
*Receipt and Payment A/c*
Now in book I've read that this A/c doesn't form part of Double Entry System.
Why is it so...???
Or how could we judge that this or that A/c or Statement doesn't form part of Double Entry Accounting System...???
05 August 2010
Preparation of accounts without double entry system is not possible. Receipt and Payment A/c is a double entry system A/c but it is not a part of Financial Statements as in case of NPO's Income & Expenditure A/c and Balance Sheets are Financial Statements.
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