Accounts of Non-profit Making Organizations:

1. Definition and Explanation of No-profit Organizations:
   
   People Join together for a number of reasons in voluntary organization: for mutual entertainment, for protection, or for professional reasons. There are sports clubs, trade unions, consumer societies, political associations, and many more. The degree of richness of any society lies partly in the variety of the voluntary organization it promotes. Click here to read more.
    

2. Receipts and Payments Account:
   
   A receipt and payment account is a summarized cash book (cash and bank) for a given period". or "This is simply a summary of the cash transactions as in the cash book, analyzed and classified under suitable headings, including the opening and closing balances. Click here to read more.
    

3. Difference Between Cash Book and Receipt and Payment Account:
   
   Receipt and payment account is usually prepared with the help of cash book. However there are many point of difference between these two. Click here to read more
    

4. Income and Expenditure Account:
   
   All transactions relating to non-profit-seeking concerns like Club, Library etc. are recorded in the books of account strictly according to Double Entry System. At the year-end result is determined through Final Accounts. Click here to read more.
    

5. Peculiar Items of A Non-profit Seeking Concerns:
   
   Depreciation means loss on account of use of an asset or decrease in its value on account of passage of time. Click here to read more.
    

6. Difference between Receipt and Payment Account and Income and Expenditure Account:
   
   Receipt and payment account and income and expenditure account are two different accounts of non trading concerns. Click here to read more.

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