The content is just an excerpt from the complete note for SS2 First Term Financial Accounting Lesson Note – Accounts of Non-Profit Making Organization. Check below to download the complete DOCUMENT
WEEK 8
TOPIC: ACCOUNTS OF NON-PROFIT MAKING ORGANIZATION
CONTENT: PREPARATION OF RECEIPT AND PAYMENT AND INCOME AND EXPENDITURE
Example:
Below is a summary of the receipts and payments of Utility Club for the year ended 31st December, 2005.
Balance -1/1/2005 – 48,310
Proceeds from dance – 36,150
Transfer to bank deposit – 120,000
Rates – 10,000
Entrance fees received – 5,000
Wages paid – 72,300
Subscriptions received – 300,000
Equipment bought – 40,000
Repairs – 16,172
General expenses – 48,896
Stationary bought – 9,790
Interest received on bank deposit – 12,000
Donations received – 4,200
Additional information
- Wages of N4, 800 were due and unpaid at 31st Dec, 2005
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