Accounts of 'Non for Profit' Concerns
It is also called Non-Trading Organisation. There are large number of organisation which are neither engaged in trading activities nor they have an intention of earning profits. They deal with monetary transaction which are of charitable in nature they are not engaged in buying & Selling of goods & Services. Aim of such organisation is not to make any profit but to provide service to the community.
In case of Non Profit organisation, the following Account are prepared.
1. Income & Expenditure A/c
2. Closing Balance Sheet
3. Opening Balance Sheet (To find out Opening Capital Fund)
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