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Accounts of non profit orgnisations
sir i want ask that while preparing income and expenditure a/c we are taking only billing of the members why not take actual member paid. please guide
Replies (3)
Because it will be done as per Accrual Concept and not Cash Basis.
Income & Expenditure A/C has to e prepared on Accrual basis and not in Receipt basis, You can show the actual amount received from members in Receipts & Payments Account which has to be prepared in Receipt Basis.
In balncesheet You have to show the amount Receivable from Members as Receivables under Assets.
thank you very much
Now i am getting clear! thanks
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