Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board
Chapter 2 - Accounts of ‘Not for Profit’ Concerns [Latest edition]
Fill in the blank:
Not for Profit Organization never is engaged in trading activities.
Not for Profit organization is called service organization.
Receipts and Payments Account falls under the category of Real Account.
In Receipts and Payments Account the summary of Cash transactions are recorded.
Income and Expenditure Account is similar to the Profit and loss account of Trading Concern.
Credit side of Receipts and Payments Account shows cash payments.
Income and Expenditure Account is a Nominal Account
Mumbai University prepares Income and expenditure Account instead of a Profit and Loss account.
Subscription received from the members is considered as revenue receipts.
The transactions recorded in Income and Expenditure Account are related only to the Current year.
