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Accounts Lecture 6 - 14^th January 2008

Stocks/inventories are valued at cost and NRV (Net Realizable Value) whichever is the lower.

Not for Profit Making Entities

The objective is not to make profit but they can still make profits.

Difference between normal account and not for profit in balance sheet is funds instead of ‘equity’ and ‘capital’.

Fund –> Accumulated fund = assets = liabilities.

Fund = restriction on the use of an asset. It has to be used for that purpose only. Balance sheet can have many funds.

Income statement changed to Income and Expenditure account.

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