Chapter 2 - Accounts of ‘Not for Profit’ Concerns [Latest edition] Write the Word/ Term/ Phrase which can substitute of the following statement

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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