30 Dec 2020 6:49 pm
Balbharati, Solutions, for, Book-keeping, and, Accountancy, 12th, Standard, Hsc, Maharashtra, State, Board, Chapter 2, Accounts of ‘Not for Profit’ Concerns, Full solution,
Chapter 2: Accounts of ‘Not for Profit’ Concerns
The Form of Organization providing services to society only. – Not for profit concern
An account which is prepared by Not for Profit concern instead of Profit and Loss Account. – Income and Expenditure Account.
Donation received for a specific purpose. – Specific donation / Capital receipt
The receipts which are not recurring in nature. – Capital Receipt
The income which is earned during the year but not received during the year. – Outstanding income.
All such receipts which are non-recurring in nature and not forming a part a regular flow of income. – Capital receipts