Question

whu the items appearing in receipt side of non profit organization appear in either income side or on the liability side . explain​

Answer 1

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Outstanding Subscription Of that year is recorded on debit side of Income and Expenditure A/c and also shown in the Balance Sheet of Current year in the Assets Side. 2. Specific Donation-Shown in the Balance Sheet in Liabilities Side. ... E)Life membership fee will be shown in Liability side of Balance Sheet.

Which of the following is correct treatment of life membership fees received by non-profit organization ? A . The amount received may be taken as capital receipt and credited to Life membership account which will be shown on the liabilities side of the balance sheet.

Subscription:

It is a primary source of income of a non-profit organisation. It is usually collected every month from all the ordinary members. Subscription is the amount paid by the members to keep their membership alive. The subscription amounts are treated as revenue receipts.

Treatment of donation

Any donation received in the form of a non-cash asset should be credited to the particular fund for which the asset has been donated. In case of absence of such particular fund, the amount should be credited to the capital fund account.

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