State the meaning of Income and Expendit | Class 12 Accountancy Chapter Accounting for Not-for-Profit Organisation, Accounting for Not-for-Profit Organisation NCERT Solutions

What is Capital Fund? How is it calculated?

State the meaning of ‘Not- for- Profit’ Organisations.

What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

What is subscription? How is it calculated?

What are the features of Receipt and Payment Account?

State the meaning of Receipt and Payment Account.

What is sacrificing ratio? Why is it calculated?

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

Why is Profit and Loss Adjustment Account prepared? Explain.

If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?

 Why it is considered desirable to make the  partnership agreement in writing.

On what occasions sacrificing ratio is used?

Identify various matters that need adjustments at the time of admission of a new partner.

Give two circumstances under which the fixed capitals of partners may change.

Illustrate how interest on drawings will be calculated under various situations.

Reproduce the format of Realisation Account.

What are the different ways in which a partner can retire from the firm?

State the order of settlement of accounts on dissolution.

Give two circumstances under which the fixed capitals of partners may change.

 Why it is considered desirable to make the  partnership agreement in writing.

How deficiency of crditors is paid off at the time of dissolution of firm.

Explain the process dissolution of partnership firm?

Distinguish between firm’s debts and partner’s private debts.

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.