AFA_Lec_7 - AdvancedFinancial Accounting FIN611...

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    Advanced Financial  Accounting FIN-611   Mian Ahmad Farhan  Lecture-7 Non-Profit organizations 
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    Necessary Documents Required   1. Cash book  2. Debtors record  3. Creditors record  4. Statement of affairs  5. Year end adjustments
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    Documents Required to Prepare Income Statement  and Balance-Sheet in Non-Profit Organizations    1. Statement of affairs at opening date  2. Cash book 3. Year end adjustments 
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    Accrual Filterization  Expenses paid during the year xxx  Add Opening advance payment  xxx Less Closing advance payment xxx Less Opening expenses due  xxx Add Closing expenses due xxx Expenses for the year   xxx
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    Question  Subscription received during the year 2007 Rs. 7,000 Subscription outstanding at the beginning of 2007 Rs. 1,400 Subscription outstanding at the closing of 2007 Rs. 1,600 Calculate the amount of subscription at year 2007.
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    Solution  Subscription received during the year 7,000  Less Opening due 1,400 Add Closing due  1,600 Income for the year 7,200
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This note was uploaded on 05/15/2010 for the course ACCOUNTING B97702031 taught by Professor Lyz during the Spring '09 term at Punjab Engineering College.

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AFA_Lec_7 - AdvancedFinancial Accounting FIN611...

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