Accounts of Non- Trading Organization — Chapter Summary
ICSE · Class 11 · Accountancy
Summary of Accounts of Non- Trading Organization for ICSE Class 11 Accountancy. Key concepts: A non, This is a real account and This is a nominal account.
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Overview
Non-trading organizations are formed for the welfare of society or for promotion of art, culture, education, sports and similar purposes. Their accounting system focuses on showing how cash is received and spent, how current income compares with current expenditure, and what the financial position i
Key Concepts
A non
A non-trading organization is formed to serve members or society rather than to earn profit. Clubs, libraries, orphanages, schools, colleges, charitab
This is a real account
This is a real account and a summary of cash and bank transactions during an accounting period. All receipts are shown on the debit side and all payme
This is a nominal account prepared
This is a nominal account prepared on accrual basis and on the matching principle. Only revenue income and revenue expenses of the current year are re
This is a statement drawn at
This is a statement drawn at a particular date to show the financial position of the organization. It presents assets, liabilities, and Capital Fund.
Capital Fund is the excess
Capital Fund is the excess of assets over liabilities in a non-trading organization. It includes capitalised receipts such as legacies, life membershi
Learning Objectives
- Understand the meaning and features of non-trading organizations
- Distinguish between trading and non-trading accounting statements
- Explain the purpose and nature of Receipts and Payments Account
- Explain the purpose and nature of Income and Expenditure Account
- Prepare a Balance Sheet for a non-trading organization
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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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