Maharashtra Board Class 12th Solutions for Accountancy Chapter 2 Accounts of Not for Profit Concerns – Download PDF with Solutions
The chapter titled Accounts of Not for Profit Concerns is an important addition to the syllabus for Maharashtra Board Class 12 students of Commerce. The chapter highlights the importance of Not for Profit accounts and states the importance and features of such accounts. In order to get into more details about the chapter, students can download the notes and solutions of the chapter provided by Vedantu.
The experts at Vedantu have created the solutions for the questions in the chapter with great attention to detail. Students that want to score good marks in their 12th board exams by gaining a comprehensive understanding of the chapter must download the Not for Profit Concern Problems and Solutions PDF on the official website of Vedantu. These notes are incredibly helpful resources that students can use to clarify their doubts and understand the chapter.
Maharashtra Board Class 12 Solutions for Accountancy Chapter 2 Accounts of Not for Profit Concerns - PDF will be uploaded soon
FAQs on Maharashtra Board Class 12 Solutions for Accountancy Chapter 2 Accounts of Not for Profit Concerns
1. What is an NGO or a Non-Profit Organization?
A Non-Profit Organization can be defined as an organization that doesn’t have any intention to make profits from the business. Such organizations are exempted from paying taxes.
2. What are the various sources of income for Non-Profit Organizations?
The source of income for non-profit organizations includes membership fees, sponsorships, government grants, and individual donations.
3. What are the main features of an NGO?
The main features of an NGO are:
Separate legal entities such as a charitable society
Source of income from donations and memberships
4. What financial statements does an NGO have?
The different financial statements of an NGO include a receipts and payments account, an income and expenditure account, and a balance sheet.
5. What are revenue receipts?
All the receipts which are recurring in nature and manage to represent the regular flow of income of concern can be defined as revenue receipts.