NCERT Solutions for Class 12 Accounting Chapter 1 Accounting For Not For Profit Organization


As we know that the not-for-profit organisations do not trade in goods or provide services with a profit motive. But, they also require to keep proper records of incomes, expenses, assets, and liabilities. Their primary source of income is donations, subscriptions, grants, etc. Non-profit organisations serve in a variety of sectors, such as religious, education, health, social services, commerce, amateur sports clubs, and the arts. Non-profits do not have commercial owners and must rely on funds from contributions, membership dues, program revenues, fundraising events, public and private grants, and investment income.