In the case of a not-for-profit organization, capital fund represents

1.	In the case of a not-for-profit organization, capital fund represents its excess of …… over ….. . The excess of income over expenditure is called …… and the closing balance of Receipts and Payments account represents ….. . Fill in the above blanks with appropriate words (s).
Answer» i) Assets, Liabilities ii) Surplus iii) Cash in hand/Cash at bank/Bank over draft

In the case of a not-for-profit organization, capital fund represents its excess of …… over ….. . The excess of income over expenditure is called …… and the closing balance of Receipts and Payments account represents ….. . Fill in the above blanks with appropriate words (s).

Answer»

i) Assets, Liabilities

ii) Surplus

iii) Cash in hand/Cash at bank/Bank over draft