I am having problem in dealing with the chapter npo ca anyone advice me how to deal with this chapter
1 Replies
Vineet Kumar Singh
(Accounts Officer in Bihar State Power (Holding) Co Ltd)
(264 Points)
Replied 22 March 2011
Dear Himanshu....First you should have a good command over Final Account portion..If you have the grip over this then you can easily handle the NTO and Single entry chapter in accounts.
In NTO/NPO you have to do the full double entry accounting that is based on basic concepts of accounting..Income and Expenditure account should be prepared just like P/L acoc*nt and Receipt & Payment account shall be treated like Cash or Bank account.
use the method of HHWD i.e Hand to Hand Without any Delay.. In this method you should first open all the relevant ledgers after going through the question. then start doing the entries one by one in each relavent ledgers without any delay. always complete the que whenever you start anyone. Do no frustate when your Balance sheet doesn't matches.
Always use this method.
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