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  • Ngo BM

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    Dev Nainani
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    An NGO prepared an income statement for the period ending March 31st which showed revenues of Rs. 55,000 from sales of 5,000 units at Rs. 11 each, opening inventories of Rs. 30,000, closing inventories of Rs. 80,000, materials purchased of Rs. 4,00,000, overhead expenses of Rs. 1,20,000, interest paid of Rs. 10,000 but no corporate tax due as most countries do not tax NGOs/NPOs and no dividends were paid since they are non-profit organizations.

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    NGO BM

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    An NGO prepared an income statement for the period ending March 31st which showed revenues of Rs. 55,000 from sales of 5,000 units at Rs. 11 each, opening inventories of Rs. 30,000, closing inventories of Rs. 80,000, materials purchased of Rs. 4,00,000, overhead expenses of Rs. 1,20,000, interest paid of Rs. 10,000 but no corporate tax due as most countries do not tax NGOs/NPOs and no dividends were paid since they are non-profit organizations.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Ngo BM

    Uploaded by

    Dev Nainani
    An NGO prepared an income statement for the period ending March 31st which showed revenues of Rs. 55,000 from sales of 5,000 units at Rs. 11 each, opening inventories of Rs. 30,000, closing inventories of Rs. 80,000, materials purchased of Rs. 4,00,000, overhead expenses of Rs. 1,20,000, interest paid of Rs. 10,000 but no corporate tax due as most countries do not tax NGOs/NPOs and no dividends were paid since they are non-profit organizations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    NGO

    Profit for them is called surplus.

    In most countries ngo npo have no 0 taxes

    No dividends are paid

    Prepare income statement 31 march

    5000 unit 11 each

    Opening inventories 3000

    Closing inventories 8000

    Corporate tax 20% interest paid 1000

    Materials purchased 40000

    Overhead expenses 12000

    Dividends 4000

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