HSC Retirement of a Partner Test Result

Name of the Students	Marks Out of 20
1. Saba bee Abdul Malik	20
2. Abdul Rehman Malik	18
3. P. Saranya	17
4. Shaikh Rashid Mehboob	20
5. Shaikh Bushra Shaukat ali	Not Applicable
6. Amrin Tawqir Ahmed Khan	14
7. Nazneen	Not Applicable
8. Zulfeqar	Not Applicable

 

Sources of Income for 'Non for profit' Organization

 1. Subscription:- Fees which is paid by the members Monthly, quarterly, half yearly or yearly called as         Subscription. It is a major sources of income and it is recurring in nature and it is recorded on the             Income side.

2. Entrance Fees or Admission Fees:- Entrance fees are received from members on their admission in         such organisation as member. It is non recurring for such organisation but if new member keeps on          joining, then it can be recurring income for such organisation.

3. Life MemberShip Fees:- Fees which is paid in Lumpsum to become a member. It is non recurring in         nature. It is added to the capital fund.

4. Legacies:- It is a gift to the organization as per the will of deceased person, (on death of a member)             such gift are called as Legacies. It is non recurring in nature and recorded on Liabilities side. 

5. Donations:- Donations are collected from the public for organising social activity. There are two                 ways of collecting Donation.

    A. Special Donation:- Special Donations are related to specific objectives and it is non recurring in                 nature. It is recorded on the closing Balance Sheet Liabilities Side. For eg:- Tournament fund,                 Marriage fund, Building fund, etc.

    B. General Donation:- It is not related the specific objectives. So, it is recurring in nature, it is                     recorded on the income side.

Accounts of 'Non for Profit' Concerns

 It is also called Non-Trading Organisation. There are large number of organisation which are neither engaged in trading activities nor they have an intention of earning profits. They deal with monetary transaction which are of charitable in nature they are not engaged in buying & Selling of goods & Services. Aim of such organisation is not to make any profit but to provide service to the community.

In case of Non Profit organisation, the following Account are prepared.

1. Income & Expenditure A/c

2. Closing Balance Sheet

3. Opening Balance Sheet (To find out Opening Capital Fund)