Accounts of Non-Trading Organisations

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Presentation transcript:

Accounts of Non-Trading Organisations Receipts and Payments

RECEIPTS Revenue vs. Capital Revenue Receipts Income collected by the club to carry out the daily activities. Capital Receipts Income collected for the specific purpose improving a fixed asset or the sale of a fixed asset

Egs. of Revenue vs. Capital Receipts Revenue Receipts Subscriptions Entrance fees Rental received Profit from sales of refreshments Donations Walkathon Commission received Capital Receipts Building of extension to the club house Construction of swimming pool Sale of fixed assets

EXPENDITURE Revenue vs. Capital Revenue Expenditure Money spent in running the daily activities of the club. Capital Expenditure Money spent by a club to buy or add value to a fixed asset.

Egs. of Revenue vs. Capital Expenditure Revenue Expenditure Purchases of goods for resale Rental of club house Wages Insurance, rates, sundry expenses Maintenance and repairs Depreciation of fixed assets Petrol costs for van Capital Expenditure Purchase of fixed assets Painting outside a new building Putting extra headlights on motor van Construction or extension of club house

Nothing different!! Profit-making firm Non-profit organisation Trading & Profit & loss account Income and expenditure account Net profit Surplus of income over expenditure Net loss Excess of expenditure over income Capital account Accumulated fund Cash Book Receipts and Payments account

SUBSCRIPTIONS Revenue Receipts Subscriptions in Arrears (Dr. Balance) Subscriptions in Advance (Cr. Balance)