Question

SUBSCIPTION FOR GOVERNOR'S PARTY IS DEALT IN INCOME AND EXOENDITURE OR BALANCE SHEET OF NPO

Answer 1

Answer:

it will go in balance sheet of NPO in liability side with special subscription.

Answer 2

Balance Sheet

Explanation:

• NPO stands for Non- Profit Organisation, which is also referred to as the non- business entity, defined as the institution that is dedicated to a specific social cause. And under this the receipts and payments accounts and Income and Expenditure account are prepared.
• Donation is defined as the amount which is offered to the NPO as a gift through the members of the society. And stated on the receipts and payment account and on receipt side.
• But Donations like specific donation, which means if the donation is received for a particular purpose such as Governor Party or Pavilion construction, then it is acknowledge as specific donation. And it is capitalized and will be stated on the Balance Sheet and on liabilities side.

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