Accounting for Non-Trading Concerns
Accounting for non-trading concerns describes an organization that operates with the aim of earning zero profit. Accounting for non-trading concerns represents accounting for the expenses & liabilities and also the shareholders capital. Accounting for Non-Trading Concerns also describes the organization is operating for the welfare of society.
Receipt and Payment Account: Learning Objectives: Define and explain receipt and payment account. Why a receipt and payment account is prepared? Prepare a receipt and payment account. Definition and Explanation: Receipt and payment account is a mere summary of cash book for a year.
Difference Between Receipts and Payments Account and Income and Expenditure Account: Learning Objectives: What is the difference between receipt and payment account and income and expenditure account? Receipts & Payment Account Income & Expenditure Account 1 It is a summary of the cash book
Income and Expenditure Account: Learning Objectives: Define and explain income and expenditure account. What is the purpose of preparing income and expenditure account? Example and format of Income and expenditure account Definition and Explanation: Income and expenditure account is merely another name for profit and
Final Accounts of Non-Trading Concerns: Non-trading concerns usually maintain their accounts by the double entry system and periodically prepare their final accounts for the submission to their members and subscribers. The method of preparing final accounts by non trading concerns is different than trading