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InterviewSolution
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(accounting for Not-for-profit organization) is this the chap l need the introduction plsss |
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Answer» -Profit Organisations are organisations which are set up for the welfare of the society or for the promotion of art and culture in the society. These are usually set up as a charitable INSTITUTION with the service motive. The trustees MANAGE these organisations. The members of the organisation elect the trustees. The Not-for Profit Organisations raise funds from its members as well as from the GENERAL public meeting their objectives.The main motive of these organisations is to provide service. However, they may earn profits in the due COURSE. Generally, these organisations do not manufacture, purchase or sell goods or provide services. Thus, they do not need to prepare Trading and Profit and Loss A/c. They credit the funds RECEIVED to the Capital Fund or General Fund A/c. |
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