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Maharashtra Board Class 12 Solutions for Accountancy Chapter 2 Accounts of Not for Profit Concerns

Last updated date: 27th Feb 2024
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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.

Importance of Maharashtra Board Accountancy Class 12 Chapter 2

Accounts of Not for Profit Concerns is an important chapter for Class 12 MSBSHSE students who are preparing for their board exams. Due to the high weightage of marks from this chapter, it is important for students to understand the concepts that have been explained in the chapter. This can be done by thoroughly reading the chapter and practising the exercise questions.

By studying the chapter, students will be able to understand the meaning and the features of Not for Profit Concerns. They will be able to understand the topics such as Payment Accounts and Receipts Accounts. They will also learn about Income and Expenditure Accounts in detail. The students will see how the Income and Expenditure accounts are different from the Profit and Loss accounts.

The chapter also delves into the topics of Profit and Non-Profit Organizations. Students can understand how Non Profit Organizations work and what their sources of income are. This chapter also provides some skills for preparing Expenditure and Income Accounts. Students can also learn about preparing the Balance sheets of Not for Profit Concerns from the chapter.

Benefits of MSBSHSE Class 12 Accountancy Chapter 2 Solutions

  • The solutions by Vedantu for Class 12 Accountancy Chapter 2 are very useful as they can guide students into an easy learning pattern for this chapter. The solutions have been prepared in an easily understandable manner by the experts. 

  • The solutions have been formed by the experts according to the syllabus of the Maharashtra Board. Students who are trying to nail their 12th board exams and score good marks can definitely take some help from the chapter solutions provided here. 

  • Practising Not for Profit Concern Problems and Solutions repeatedly will enable the students to improve their idea about the chapter. Thus, they will easily be able to answer both calculative and theoretical questions related to the chapter in the examination. 

  • Various examples and principles have also been provided in the chapter to make sure that students are able to grasp the content easily.

Learn Better With MSBSHSE Class 12 Accountancy Chapter 2 Solutions

Use the Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 2 Accounts of Not For Profit Concerns to learn more about the chapter. Students will find that these study materials are extremely helpful in creating a better foundational knowledge about the chapter. In order to learn about the chapter in more detail, students can download Accounts of Not for Profit Concern 12th New Syllabus notes and solutions offered by Vedantu.

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

  • Service-based operations

  • 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.