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Chapter 2: Accounts of ‘Not for Profit’ Concerns.

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

Write the Word/ Term/ Phrase which can substitute of the following statement:

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

An Account which records only revenue items in case of Not for profit concern. Income and Expenditure Account.
Accounts which records only cash transactions in case of Not for Profit Concern. – Receipts and Payments Account.

The income which is earned during the year but not received during the year. – Outstanding income.

The credit balance of Income and Expenditure Account. – Surplus
To excess of total assets over total liabilities of a Not for Profit concern. – Capital Fund.

All such receipts which are non-recurring in nature and not forming a part a regular flow of income. – Capital receipts


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