Accounting procedure for Colleges

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27 Points Posted on 29 April 2020
I want to know the accounting procedure for private colleges providing degree courses like B.A., B.SC., B.COM. Whether they will prepare Profit & Loss A/C or whether they will prepare Income & Expenditure A/C. The college is run by a trustee board. Kindly help.
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On 29 April 2020 at 14:18 Report
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This discussion clarifies the accounting procedures for private colleges offering degree courses. It addresses whether a Profit & Loss Account or an Income & Expenditure Account should be prepared. The consensus is that non-profit organisations run by a trustee board, like colleges, should prepare an Income & Expenditure Account along with a Receipts & Payments Account.

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CA qualified
389 Points Posted on 29 April 2020

It will be an income & expenditure account

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On 29 April 2020 at 14:52
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Chartered accountant
290 Points Posted on 29 April 2020
College is Non Profit organisation and it is formed under Trust hence it need to prepare income and expenditure account, receipt and payment account
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On 29 April 2020 at 17:13

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