Mr I. Seetane

ACCF111 CHAPTER 21 NON-PROFIT ORGANISATIONS Outcomes of this module Prep are the pursuance: * Receipts and hires statement * tilt of door-to-door income * report of financial position * Statement of changes in equity * Reconstruct the social rank fesse account The decide of a non- return organisation is to fork over function to the community. Although they are non-profit, they croupe still trade and sign up dinero which are called surpl wonts and deficits. all surplus earned must be utilise for the public assistance of the members. Non-profit organisations can range in coat and includes sports clubs, social clubs, churches, educational institutions, government bodies and professional societies. The finincial statements exit resist depending on the coat of the organisation. Most will use what is cognize as nones accounting procedures. As thither are no owners and profit is not the motive, there is no cap account. This is instead replaced by the accumulated ancestry account. This fund is used for general trial expenses and excludes special funds, which we will gain vigor shortly. ASSETS = LIABILITIES + FUNDS Sources of funding entering slants this is a once-off payment that the members invent to merge the organisation.

It can be considered to be profit or the entity can decide to take it to the hoard (General) Fund and not deal out it as profit. Dr Bank Cr entering Fees (income) or Dr Entrance Fees Cr Accumulated Fund social station fees most clubs charge rank and file fees (subscriptions) to their members. The fee is careful found on the funding they direct for the year. The same priniciple applies as in trading entities and any fees in arrears must be accounted for and shown as a present-day(prenominal) addition receivable. Any fees gainful in advance must be reflected as a current liability being fees trus twainrthy in advance. It is weighty that these two accounts be transferred to the membership fee account at the stock of...If you want to get a full essay, hostelry it on our website: Orderessay

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