Accounting for Not for Profit Organisation
In the NCERT Accountancy textbook for Class 12, this topic covers organisations that serve members rather than earn profit, such as clubs, schools and charities. You learn how the receipts and payments account summarises cash, how the income and expenditure account measures surplus or deficit on accrual lines, and how the balance sheet carries funds, legacies and assets. The lesson treats subscriptions, entrance fees, donations, grants, honorarium and depreciation, showing which items are capitalised and which flow to income, so special funds stay distinct from general results.
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