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.
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.
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.