Question

How would a not for profit organization deals with the following iteams:
1. Outstanding subscription
2.donation
3.tournament fund
4.legecy
5.life membership fees

Answer 1

1.outstanding subscription will be added to subscription.

2.donation will be put on credit side of income and expenditure account.

3.it will be put on liabilities side of closing balance sheet.

4 legacy will be added to to capital fund.

5 it will also added to capital fund.

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