Accounts of Not-for-Profit Organisation | NPO Peculiar Items Concepts | Part 1 | Class 12 Accounts

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Non Profit Organisation refers to organisation which exist for benefit of society. This video will provide you the detailed steps to understand some peculiar items in not for profit organisation.
For the accounting of non profit organisation following major accounts are prepared :
1. Receipt and Payment account.
2. Income and Expenditure account.
3. Balance sheet .
And other entries like -
Receipts and Payments Account - features and preparation
Income and Expenditure Account
Balance sheet of npo
Entrance fees
Life membership fees
Special receipts
Donations
General donation
Specific donation
Legacy
subscription account
cost of goods consumed in npo
features preparation of income and expenditure account and balance sheet from the given receipts and payments account with additional information

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Timestamp
0:00 - Introduction
0:57 - Subscription in NPO
2:50 - Donations concept in NPO
5:04 - Legacies in Non Profit Organization
6:01 - Life membership fees in NPO
7:27 - Entrance fees in Non profit organization
8:19 - Sale of old assets
10:05 - Sale of Periodicals
10:26 - Sale of sports material

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