Is journal. Ledger and subsidiary book are maintain by an non profit organisation
Dear Student
As per law,
These organizations have to prepare receipts and payments account as well as Income and Expenditure account and balance sheet.
Journal and other subsidiary books are not necessary or mandatory, however, in order to prepare Income and expenditure account, they need to maintain proper records of all the expenses and therefore they usually prepare subsidiary books also because it helps in maintenance of proper accounts and preparation of final accounts of an NPO.
Regards
As per law,
These organizations have to prepare receipts and payments account as well as Income and Expenditure account and balance sheet.
Journal and other subsidiary books are not necessary or mandatory, however, in order to prepare Income and expenditure account, they need to maintain proper records of all the expenses and therefore they usually prepare subsidiary books also because it helps in maintenance of proper accounts and preparation of final accounts of an NPO.
Regards