SS2 First Term Financial Accounting Lesson Note – Accounts of Non-Profit Making Organization

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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 31^st 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

1. Wages of N4, 800 were due and unpaid at 31^st Dec, 2005

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