Notes-Class-12-Commerce-Book Keeping and Accountancy-Chapter-2-Accounts of ‘Not for Profit’ Concerns-Maharashtra Board

Topics

• Introduction
• Meaning of Not for Profit concern.
• Features of Not for Profit concern.
• Difference between Profit organisation and Not for Profit organisation.
• Need for maintaining books of accounts and preparing final accounts.
• Meaning of Receipts and Payments Account.
• Features of Receipts and Payments Account.
• Types of Receipts i) Capital Receipts ii) Revenue Receipts
• Types of Payments i) Capital Expenditure ii) Revenue Expenditure iii) Deferred Revenue
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• Specimen of Receipts and Payments Account.
• Meaning of Income and Expenditure Account
• Features of Income and Expenditure Account
• Specimen of Income and Expenditure Account
• Distinction between Receipts and Payments Account and Income and Expenditure Account
• Preparation of Income and Expenditure Account
• Preparation of Balance Sheet
• Implied Adjustments
• Capital Fund
• Specimen of Balance Sheet

Additional Information :

• Outstanding and Prepaid Expenses.
• Accrued Income and Income Received in advance.
• Subscription received in advance and outstanding subscription.
• Depreciation
• Capitalisation of Entrance fees
• Creation of special Funds out of donations.
• Stock of Stationery,
• Opening Balance of assets and liabilities.

Important Terms :

• Entrances fees
• Subscription
• Legacy
• Life membership fees
• Sale of old assets scrap Newspapers
• Specific Donations