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Accountancy Project Class 12

This accountancy project focuses on the financial management of Not-for-Profit Organizations, detailing their objectives, income sources, and accounting records. It includes formats for key financial statements such as Receipts and Payments Account, Income and Expenditure Account, and Balance Sheet, along with practical illustrations and journal entries. The project concludes with insights gained about the accounting practices of such organizations.

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60 views5 pages

Accountancy Project Class 12

This accountancy project focuses on the financial management of Not-for-Profit Organizations, detailing their objectives, income sources, and accounting records. It includes formats for key financial statements such as Receipts and Payments Account, Income and Expenditure Account, and Balance Sheet, along with practical illustrations and journal entries. The project concludes with insights gained about the accounting practices of such organizations.

Uploaded by

p77809331
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ACCOUNTANCY PROJECT

Topic: Accounting for a Not-for-Profit Organization


Class: XII
Subject: Accountancy
Session: 2024-25
Name: [Your Name]
School: [Your School Name]
Teacher’s Name: [Teacher’s Name]
Index
1. Acknowledgement

2. Introduction

3. Objective

4. Meaning of Not-for-Profit Organization

5. Features of Not-for-Profit Organization

6. Sources of Income

7. Accounting Records Maintained

8. Financial Statements Prepared

9. Format of Receipts & Payments Account

10. Format of Income & Expenditure Account

11. Format of Balance Sheet

12. Practical Illustration with Journal Entries

13. Ledger Accounts

14. Trial Balance

15. Final Accounts

16. Conclusion

17. Bibliography
Acknowledgement
I sincerely thank my Accountancy teacher, [Teacher’s Name], for their valuable
guidance, support, and encouragement during the completion of this project.

Objective
To understand how financial transactions are recorded and reported in Not-for-Profit
Organizations.

Introduction
This project explores how Not-for-Profit Organizations maintain and present their
accounts.

Meaning of Not-for-Profit Organization


Organizations established for promoting charity, education, religion, culture, and social
welfare. Profit is not their main objective.

Features of Not-for-Profit Organization


- Service motive
- Funded by donations
- Profit is not distributed among members

Sources of Income
- Donations
- Subscriptions
- Entrance Fees
- Government Grants

Accounting Records Maintained


- Receipts and Payments Account
- Income and Expenditure Account
- Balance Sheet
Financial Statements Prepared
- Receipts and Payments Account
- Income and Expenditure Account
- Balance Sheet

Format of Receipts & Payments Account


[Insert tabular format here]

Format of Income & Expenditure Account


[Insert tabular format here]

Format of Balance Sheet


[Insert tabular format here]

Practical Illustration with Journal Entries


[Sample journal entries based on fictional NGO]

Ledger Accounts
[Ledger accounts for main items]

Trial Balance
Trial Balance as on 31st March, 2025:
| Particulars | Debit (₹) | Credit (₹) |
|-------------|-----------|------------|
| Cash in hand | 5,000 | |
| Subscription Received | | 25,000 |
| Donations | | 10,000 |
| Salaries | 12,000 | |
| Rent | 6,000 | |
| Furniture | 8,000 | |
| Postage | 1,000 | |
| Miscellaneous Expenses | 2,000 | |
| Capital Fund | | 4,000 |
Final Accounts
Includes Receipts and Payments Account, Income and Expenditure Account, and Balance
Sheet.

Conclusion
Through this project, I have learned how Not-for-Profit Organizations manage their
accounts and prepare financial statements despite not aiming for profits.

Bibliography
- NCERT Accountancy Textbook Class XII
- TS Grewal’s Double Entry Book Keeping
- Teacher's notes

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