PREPARATION OF ACCOUNTS OF NON-PROFIT-MAKING

Financial Accounting SSS2 Third Term

WEEK – SEVEN AND EIGHT

PREPARATION OF ACCOUNTS OF NON-PROFIT-MAKING

CONTENT

PREPARATION OF ACCOUNTS OF NON-PROFIT-MAKING

ORGANIZATIONS-PRACTICAL ILLUSTRATION

Example

The star sports and social club provides recreational activities, refreshments and social events for its members. Its assets and liabilities at 31^st December, 2003 were as follows

Fixed Assets                                                                    N

Pavilion                                                                       120,000

Club sports equipment                                                 40,000

…