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Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board 
Chapter 2 – Accounts of ‘Not for Profit’ Concerns [Latest edition]

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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