Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board
Chapter 2 - Accounts of ‘Not for Profit’ Concerns [Latest edition]
Find odd one :
Trading Account, Profit and Loss Account, Receipts and Payments Account, Balance Sheet.
Trading Account
Profit and Loss Account
Receipts and Payments Account,
Balance Sheet.
Machinery, Furniture, Computers, Salaries.
Machinery
Furniture
Computers
Salaries.
Subscription, Stationery, Interest Received, Locker Rent received,
Subscription
Stationery
Interest Received
Locker Rent received
Reliance Industries, Venna Vidya Mandir, Laxmi Hospital, Manoj Sports club.
Reliance Industries
Venna Vidya Mandir
Laxmi Hospital
Manoj Sports club
Surplus, Deficit, Net Profit, Capital fund.
Surplus
Deficit
Net Profit
Capital fund
Difficult Words and Their Meanings:
Accountancy: The profession or work of keeping and checking financial accounts, and preparing reports about them.
Balance Sheet: A financial statement that shows a company's assets (what it owns), liabilities (what it owes), and equity (owner's investment) at a specific point in time.
Book-keeping: The activity of recording the financial transactions (money coming in and going out) of a business or organization.
Capital Fund: The total amount of money or assets invested in a non-profit organization by its members or through donations, similar to owner's equity in a for-profit business.
Concerns (Not for Profit): Organizations or institutions that are run not for making a profit, but for a social, charitable, educational, or recreational purpose (e.g., clubs, charities, schools).
Deficit: The amount by which expenses are more than income in a non-profit organization for a specific period.
HSC (Higher Secondary Certificate): An academic qualification awarded upon completion of senior secondary education (typically 12th grade) in some educational boards in India.
Interest Received: Money earned from investments or loans given out; it's an income.
Locker Rent Received: Income earned by an organization for providing locker facilities to its members or others.
Machinery: Equipment and machines used by a business for its operations or production.
Net Profit: The actual profit a business makes after subtracting all operating expenses, interest, and taxes from its total revenues. (Primarily used for profit-making entities).
Profit and Loss Account: A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, usually a fiscal quarter or year, to show the net profit or loss of a business.
Receipts and Payments Account: A summary of all cash and bank transactions (money received and money paid out) during an accounting period, typically prepared by non-profit organizations.
Salaries: Fixed regular payments made by an employer to an employee, usually monthly or bi-weekly, in return for work performed.
Stationery: Writing materials and other office supplies like paper, pens, envelopes, etc.
Subscription: An amount of money paid regularly (e.g., annually) to be a member of an organization or to receive a service/publication.
Surplus: The amount by which income is more than expenses in a non-profit organization for a specific period.
Trading Account: A financial statement prepared by businesses that buy and sell goods. It shows the gross profit or gross loss made from these trading activities during an accounting period.
