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प्रश्न
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
In case of non trading concern the excess of assets over liabilities is termed as _____________.
विकल्प
surplus
deficit
capital fund
loan
उत्तर
In case of non trading concern the excess of assets over liabilities is termed as capital fund.
Explanation: Excess of assets over liabilities, in case of a not-for-profit organisation, is called capital fund. It is same as capital, which is calculated in case of profit-seeking entities. Opening capital fund is calculated by deducting opening liabilities from opening assets. It is shown on the Liabilities side of the Balance Sheet.
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संबंधित प्रश्न
Write one Word / Term / Phrase for the following statement.
A fund created out of a specific amount earmarked, gifted, or donated and the income of this fund is to be used for a specific purpose.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
‘Outstanding subscription’ at the end of Accounting year represents _____________.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
For a sports club, expenditure on the purchase of sports Machinery/Equipment is a ______________ expenditure.
State whether the following statement is True or False.
Income and expenditure account, prepared by ‘Not for Profit’ concerns, must be accompanied by balance sheet.
