Why balance sheet of a non-profit organisation is prepared ?
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Even a non-profit organization maintains proper books of accounts. It aims to facilitate simple and convenient calculation of items of income and expenditure and finding the correct position of assets and liabilities of the organization.
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‘Not-for-Profit ‘or ‘Non Profit’ Organizations prepare Balance Sheet for ascertaining the financial position of the organization. The preparation of their Balance Sheet is on the same pattern as that of the business entities. It shows assets and liabilities as at the end of the year. Assets are shown on the right hand side and the liabilities on the left hand side.
* example : In attachment *
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