Accounts of hospital
This query is : Resolved
17 October 2011
I WOULD LIKE TO KNOW THAT WHAT TYPE OF ACCOUNTS ARE KEPT IN A HOSPITAL? ALSO I WOULD LIKE TO KNOW WHETHER A HOSPITAL BEING
NON-PROFIT ORGNIAZATION ARE REQUIRED TO DO THEIR ACCOUNTS AUDITED YES OR NO AND REASONS THEREOF?
NON-PROFIT ORGNIAZATION ARE REQUIRED TO DO THEIR ACCOUNTS AUDITED YES OR NO AND REASONS THEREOF?
17 October 2011
Hospitals are not non-profit organizations by default. You have to look at the legal form of the body under which it is operated. It may be formed as company,trust,individual (run by a doctor in his/her name),etc.
For entites other than trust the maintenance of accounts will be similar to the other entities on accrual basis with additional records to be maintained u/s 44AA and other records to support the financial statements.
For trusts, again it needs to be checked if it is a public charitable trust or for the benefit of a particular person.
Records can be prepared based on cash basis provided the same is followed consistantly and the provision for Income tax and Trusts Act to be followed in respect of records to be maintained.
Audit -
For companies, the audit is mandatory and for others it will be required as per the income tax provisions
For entites other than trust the maintenance of accounts will be similar to the other entities on accrual basis with additional records to be maintained u/s 44AA and other records to support the financial statements.
For trusts, again it needs to be checked if it is a public charitable trust or for the benefit of a particular person.
Records can be prepared based on cash basis provided the same is followed consistantly and the provision for Income tax and Trusts Act to be followed in respect of records to be maintained.
Audit -
For companies, the audit is mandatory and for others it will be required as per the income tax provisions
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