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Hi in this video I am going to explain receives and payments are count up so before that if we explain about the basic concept of nonprofit organization, so generally the business consent can be classified into two categories one is trading unman and the one is non trading concerned, so training consent means the ultimate objective is to earn profit or to maximize the profit for their bonuses so in order to make profit up they'll sell the goods and services to the customer by way of in order to maximize their profit, so there is a main objective of trading concern non-trading organization means it is just opposite of trading consent so non-trading means their ultimate objective is to rent service to the society to meet some social desirable goods or to rent service to its member it is for it is also the way Scott is non-profit-making, so the non trading concern also called as non-profit organization in trading are gone, so we need to have three things while they prepare final account the final of one consists of three part ones is trading account second one is profit and loss of God and third one is balance sheet these are the three divisions in trading account so in order to know the trade result so in trading account we used to record opening stock the purchase of raw material and all direct expenses will become under debit said of trading account in through it said of trading oven we used to record sales closing stock all these things will be recorded in credit say of trading account with that we can know the trade result that is gross profit or loss after finding gross profit of gross loss the second step is preparing profit or loss account with the help of profit and loss upon what you can know the financial position of the company whether the company incurred profit or loss that can be ascertained with the help of profit and loss account, and finally they will prepare balance sheet means in order to know the state of affair of the company, so these are the three divisions which comes under final account of trading concern that is profit making concerned profit oriented concern now look at the non trading organization so non trading organization means example education institution sports club hospitals charitable institution religious institution all this organization being non-profit seeking do not prepare profit and loss account so profit and loss of on trading and balance it is preferred by the trading concern but this profit and loss one is not applicable to non training organization why because their objective is not making profit even, so they would like to know whether their current expenses are being met out of their current income so they also know whether they have sufficient cash balances or not for that purpose they need to prepare final account of final accounts of nonprofit organization okay so when you prepare final accounts for nonprofit organization first step is a recipient payments are found in profit organization in...
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