Accounting for Not for Profit OrganisationsPreksha Mehta
In this presentation, you will find notes , accounting treatment and practical questions on the unit Financial Statements of not for profit organisations.
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Course material for An introduction to keeping financial records in business for small and medium sized enterprises organised by the Lagos hub of the Global Shapers with support from Abraaj for small and medium enterprises in Lagos NIgeria held in June 2016
Solaris operating systems are the building blocks of computer systems, and provide the interface between user applications and computer hardware. Solaris 10 is a multiuser, multitasking, multithreading operating environment, developed and sold by Sun Microsystems. Solaris is one implementation of the UNIX operating system that draws on both the System V (AT&T) and Berkeley (BSD) traditions. It has risen from little more than a research project to become the dominant UNIX operating system in the international marketplace today. Solaris 10 is the latest in a long line of operating environment releases based around the SunOS. Operating system, this is currently in version 5.10. Solaris is commonly found in large corporations and educational institutions that require concurrent, multiuser access on individual hosts and between hosts connected via the Internet. However, it is also rapidly being adopted by small businesses and individual developers.
Accounting for Not for Profit OrganisationsPreksha Mehta
In this presentation, you will find notes , accounting treatment and practical questions on the unit Financial Statements of not for profit organisations.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
Course material for An introduction to keeping financial records in business for small and medium sized enterprises organised by the Lagos hub of the Global Shapers with support from Abraaj for small and medium enterprises in Lagos NIgeria held in June 2016
Solaris operating systems are the building blocks of computer systems, and provide the interface between user applications and computer hardware. Solaris 10 is a multiuser, multitasking, multithreading operating environment, developed and sold by Sun Microsystems. Solaris is one implementation of the UNIX operating system that draws on both the System V (AT&T) and Berkeley (BSD) traditions. It has risen from little more than a research project to become the dominant UNIX operating system in the international marketplace today. Solaris 10 is the latest in a long line of operating environment releases based around the SunOS. Operating system, this is currently in version 5.10. Solaris is commonly found in large corporations and educational institutions that require concurrent, multiuser access on individual hosts and between hosts connected via the Internet. However, it is also rapidly being adopted by small businesses and individual developers.
Financial Workshop - Builders Profitable Marketing Oct 2015 Roshan Fernando
Great presentation for Small Business owners to understand the importance of being able to read financial statements, the difference between profit and cash flow, the power of 1 and basic ratios and percentages to keep an eye on operational performance and cash flow...
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docxrenatas0nie
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Adequate training will increase company revenue growth by $4 million annually. The benefits of training outweigh the costs. The company must focus on customer satisfaction and fulfilling our customer’s needs. This will result in exponential growth including attracting new customers with our ability to offer financial services that our competition cannot provide, and provide financial statements that fit the exact needs of each client.
His friends offered to invest in a new corporation with a $2,00,000 capitalization.Creator of a new and improved commercial paint spray.The incorporation cost was $2,500
Cost of equipment to be used in assembling the paint spray dispensers was $85,000
Short term loan from local bank was $30,000.
Manufacturing payroll was $145,000
Other manufacturing cost was $62,000
The sales done was $598,500
Depreciation cost was $8,500 but Hynes estimated the useful life of equipment to be 10 years.
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3. Facilitators
Mofe Binitie Oluwatomisin Amu
WEF Global shaper and
Transactions Advisory
Consultant with EY Nigeria
Consultant with EY Nigeria
and Chartered Accountant
6. Objectives of this Workshop
An understanding of the importance of financial records
An understanding of basic accounting principles
An understanding of how to record basic transactions
An introduction to accounting software packages
7. What are financial records?
Financial records are historical accounts of financial
transactions. Accounting is the recording of financial
transactions - storing, sorting, retrieving, summarizing, and
presenting the information in various reports and analyses
Introduction
Accounting is defined as:
"The process of identifying, measuring and
communicating economic information to permit informed
judgments and decisions by users of the information.” - The
American Accounting Association. -
8. Why do we need Financial records?
1. Financial health.
2. Financial planning.
3. Budgeting.
4. Calculating tax liability.
5. Financial reporting.
6. Need for financing.
10. The Elements of accounting
Assets: (Generator, Building, Cash, Patents, Licenses,
Receivables)
Liabilities: (Bank loans and overdrafts, payables)
Owners equity: Residual of 1 and 2 above)
These elements lead to sub elements:
– Income
– Expenses
12. The Accounting Definitions
Transaction: A transaction is any activity that changes the
value of a firm’s assets, liabilities, or owner’s equity
Account: summary record of an entity’s asset, liability, and
owner’s equity transaction over defined period; annually,
quarterly etc.
Double-entry accounting: means that there will be at least
two (2) accounts affected by each transaction.
13. The Accounting Definitions
Journal: diary of information of day-to-day transactions.
Ledger: individual accounts that help summarize activity and
obtain balances of accounts.
Trial Balance: a statement listing on a certain date that shows
all accounts and their balances.
Accrual concept: Recognise income when they are earned and
recognize expenses when they are incurred regardless of
whether cash has come in or gone out.
14. The Accounting Cycle
1. Analyze transactions. (What do I debit, what do I credit!)
2. Record in a journal.(Record)
3. Post from the journal to the ledger.(Summarize)
4. Prepare a trial balance.
5. Prepare Financial Statements.
15. Analyzing Transactions
Assets and Expenses: An increase is recorded as debit (left side)
while a decrease is recorded as credit (right side)
Liabilities, Equities and Revenues: An increase is recorded as
credit (right side) while a decrease is recorded as debit (left side)
17. Practical Examples
You put money from your personal savings into the business
Dr:
Cr:
Dual Printer and scanning machine is purchased on credit
Dr:
Cr:
Stationeries and printing ink is purchased outright(not credit)
Dr:
Cr:
18. Practical Examples
Payment of staff salaries
Dr:
Cr:
Sold goods to customer who promised to pay next month
Dr:
Cr:
19. Practical Examples
Sambo Makeup studios was incorporated on the 1st of April 2016 with an initial capital of
400,000 which was a start up grant received from Lagos Global shapers. During its first
month in operation, the company engaged in the following transactions:
S/N Transaction Date
1 received 400,000startup grant from Lagos Global shapers 2nd April
2 paid 100,000as Rent for business space 3rd April
3 Paid 75,000for furniture and décor 6th April
4 Bought a small generator to power the studio costing 20,000on credit 9th April
5 Bought new set of Makeup materials (brushes, concealer, foundation, lipsticks)for 20,00010th April
6 paid 6,500as utilities for the first the first month 13th April
7 paid 5,000as fuel for generator 15th April
8 Did first makeup job for Titi Ojo's red carpet event for 20,000but she promised to pay in the next month16th April
9 paid 25,000for website and hosting 19th April
10 Did makeup for a bridal train of 8ladies and was paid 100,000 23rd April
11 paid 60,000as fees for two staff 29th April
20. Recording in Journal
DR CR
Transactions N N
Received 400,000 startup grant from Lagos Global shapers
Cash 400,000
Capital 400,000
Paid 125,000 as Rent for business space
Rent 100,000
Cash 100,000
Paid 75,000 for furniture and décor
Furniture and fittings 75,000
Cash 75,000
Bought a small generator to power the studio costing 20,000 on credit
Generator set 20,000
Cash 20,000
Bought new set of Makeup materials (brushes, concealer, foundation, lipsticks)for 50,000
Makeup expenses 20,000
Cash 20,000
Paid 12,000 as utilities for the first the first month
Utilities 6,500
Cash 6,500
Paid 5,000 as fuel for generator
Fuel 5,000
Cash 5,000
Did first makeup job for Titi Ojo's red carpet event for 20,000 but she promised to pay in the next month
Receivables: Titi Ojo 20,000
Sales: Titi Ojo 20,000
Paid 25,000 for website and hosting
Website cost 25,000
Cash 25,000
Did makeup for a bridal train of 8 ladies and was paid 100,000
Cash 100,000
Sales: Funmi Oreola 100,000
Paid 60,000 as fees for two staff 60,000
Salaries and wages 60,000
Cash
21. Post from the journal to the ledger
(Summarize)
CASH LEDGER
DR CR
Grant from Lagos global shapers 400,000 Rent 100,000
Funmi Oreola 100,000 Furniture and fittings 75,000
Makeup materials 20,000
Utilities 6,500
Fuel costs 5,000
Website costs 25,000
Salaries and wages 60,000
Balance c/d
500,000 291,500
Balance b/d 208,500
SALES LEDGER
DR CR
Titi Ojo 20,000
Funmi Oreola 100,000
- 120,000
EXPENSES LEDGER
DR CR
Makeup materials 20,000
Utilities 6,500
Fuel costs 5,000
Rent costs 100,000
Website costs 25,000
Salaries and wages 60,000
216,500
RECEIVABLES LEDGER
DR CR
Titi Ojo 20,000
20,000 -
PAYABLES LEDGER
DR CR
Generator set 20,000
FIXED ASSETS LEDGER
DR CR
Furniture and fittings 75,000
Generator set 20,000
95,000
CAPITAL LEDGER
DR CR
Grant from Lagos global shapers 400,000
22. Prepare a trial balance
DR CR
Decription N N
Cash 208,500
Sales 120,000
Expenses 216,500
Capital 400,000
Fixed assets 95,000
Receivables 20,000
Payables 20,000
Total 540,000 540,000
23. Prepare Financial Statements.
BALANCESHEET
Furniture and fittings 75000 Payables (gen set) 20,000
Generatorset 20000 Capital 400,000
Receivables (Funmi) 20,000 Net loss (96,500)
Cash 208,500
Total 323500 Total 323500
ASSETS LIABILITIES ANDEQUITY
PROFIT OR LOSS STATEMENT DR CR
Sales 120,000
Less Expenses:
Makeup materials 20,000
Utilities 6,500
Fuel costs 5,000
Rent costs 100,000
Website costs 25,000
Salaries and wages 60,000
216,500
Net loss (96,500)
25. Accounting software
Accounting softwares are applications that function as accounting information systems
that record and process accounting transactions within functional modules such as
accounts payable, accounts receivable, payroll, and trial balance. They allow detailed
tracking of financial transactions and near instantaneous reporting and analysis.
Accounting software allows for the automation of the financial reporting process.
They may be:
Personal finance accounting software
Small business accounting software
Mid market accounting software
Large scale enterprise resource planning software
Major vendors include:
Intuit
Sage
SAP
Oracle
Microsoft
26. Free accounting software packages
TAS software by SAGE
GNU cash
NCH Express invoice
Xtuple postbooks
VT Cash book
Freshbooks
Zoho invoice
Billing boss
Intuit billing manager
Outright
Wave accounting