Accountancy Class 12 English

  CBSE Class 12 Accountancy Revision Notes Chapter-1 Non-for Profit Organization Learning Objectives: After studying this chapter, you should be able to: State the meaning of Not - for - Profit organization. Explain the various items of accounting in Not-for-Profit organization. Explain the Financial Statements of Not-for-profit organization. Show the Accounting Treatment of various items of accounting in Not-for-profit organization. Distinguish between Receipts and Payments Account and Income and Expenditure Account. T eaching Methods Teachers are advised to use various examples of Not-for-profit organizations. Story telling method can also be used for various items of Not-for-profit organization. Meaning of Not-for-profit Organization Not-for-Profit organisations are those organisations which are formed for the purpose of promoting commerce, art, science, religion, charity or any other useful object.Not-for-profit organisations intend to spend their income in promoting their obje...

  CBSE Test Paper 01 FS of Non-profit Organisation XYZ club has a bar that maintains a separate trading account for its trading activities. Which of the following is the treatment of profit or loss on bar trading activities? Profit and loss is credit in income statement Profit and loss to be presented in Receipt and payment account Pr ofit and loss is added to capital fund. Profit and loss to be transferred as income and expenditure A/c. Calculate the sports material to be debited to Income & Expenditure a/c. For the yr. ended 31-3-2007 on the basis of the following information. Amount paid for sports material during the yr. was Rs.19, 000 Particulars 1=4=2006 (Rs.) 31.3.2007 (Rs.) Stock of sports material 7,500 6,400 Creditors for sports material 2,00 2,600 Rs.20300 Rs. 20700 R s.20000 Rs.20500 A non-profit organization received Rs.10,000 as the entrance fee of a new member. If 20% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and ...