Accountancy, asked by naziakhan28, 1 year ago

How would a not-for-profit organization deal with the following items. (4X5)

(a) Outstanding Subscriptions,

(b) Donation,

(c) Tournament Fund,

(d) Legacy,

(e) Life Membership Fees​

Answers

Answered by zeej100
3

a) Outstanding subscription-less from subscription in income n expenditure a/c income side n second posting will be in balance sheet asset side..

b) Donation-will b on income side of income n expenditure a/c..

c) Tournament fund-post in liability side of balance sheet..

d) legacy-should b added in capital fund at liability side of balance sheet..

e) life membership fees-should b added in capital fund at liability sidr of balance sheet..

Similar questions