NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation have been provided below and is also available in Pdf for free download. The NCERT solutions for Class 12 Accountancy have been prepared as per the latest syllabus, NCERT books and examination pattern suggested in Class 12 by CBSE, NCERT and KVS. Questions given in NCERT book for Class 12 Accountancy are an important part of exams for Class 12 Accountancy and if answered properly can help you to get higher marks. Refer to more Chapter-wise answers for NCERT Class 12 Accountancy and also download more latest study material for all subjects. Chapter 1 Accounting for Not for Profit Organisation is an important topic in Class 12, please refer to answers provided below to help you score better in exams
Chapter 1 Accounting for Not for Profit Organisation Class 12 Accountancy NCERT Solutions
Class 12 Accountancy students should refer to the following NCERT questions with answers for Chapter 1 Accounting for Not for Profit Organisation in Class 12. These NCERT Solutions with answers for Class 12 Accountancy will come in exams and help you to score good marks
Chapter 1 Accounting for Not for Profit Organisation NCERT Solutions Class 12 Accountancy
Question 1: Explain the statement: “Receipt and Payment Account is a summarised version of Cash Book”.
ANSWER: Receipts and Payments Account is a summary of the Cash Book. This account is prepared by those organisations which maintain their books on cash basis. All cash receipts are recorded on the Receipts side (i.e. Debit side) and all cash payments are recorded on the Payments side (i.e. Credit side) of Receipts and Payments Account. It is prepared on the basis of cash and bank transactions recorded in the Cash Book. It begins with the opening balance of cash and bank and ends with the closing balances of cash and bank (balancing figure) at the end of the accounting period. It records all the cash and bank transactions both of capital and revenue nature. It not only records the cash and bank transactions relating to the current accounting period, but also cash and bank receipts (or payments) received during the current accounting period that may be related to the previous or next accounting period. This account only helps us to ascertain the closing balance of the cash and bank and helps in assessing the cash position of an NPO. It also forms the basis for the preparation of Income and Expenditure Account. Similarities between Receipt and Payments Account and Cash Book The following are the features of Receipt and Payment Account that are common to those of Cash Book:
1. Nature: It is a summarised version of the Cash Book. Similar to the Cash Book, the Receipt and Payment Account is also a Real Account.
2. Nature of Transactions: It records only cash and bank transactions similar to a Two-Column Cash Book. Transactions other than cash and bank like depreciation, loss/ profit on sale of assets, etc. are not recorded in this account.
3. No distinction between Capital and Revenue items: It records all the cash and bank receipts and payments of both capital and revenue nature. Likewise, the transactions recorded in the Cash Book are also of both capital and revenue nature.
4. Opening and closing balance: It begins with the opening balance of cash and bank and ends with the closing balance of the cash and bank (balancing figure) at the end of the accounting period.
5. Purpose: It reveals the cash position of an organisation. It helps to ascertain the total amount paid and received during an accounting period. Similarly, a Cash Book also helps us to assess the cash position of an organisation.
Thus, on the basis of the above mentioned points and similarities, the statement 'Receipt and Payment Account is a summarised version of Cash Book' is justified
Please click the link below to download NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation
| NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation |
| NCERT Solutions Class 12 Accountancy Chapter 2 Accounting for Partnership Basic Concepts |
| NCERT Solutions Class 12 Accountancy Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner |
| NCERT Solutions Class 12 Accountancy Chapter 4 Reconstitution of a Partnership Firm Retirement Death of a Partner |
| NCERT Solutions Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm |
| NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Share Capital |
| NCERT Solutions Class 12 Accountancy Chapter 2 Issue and Redemption of Debentures |
| NCERT Solutions Class 12 Accountancy Chapter 3 Financial Statements of a Company |
| NCERT Solutions Class 12 Accountancy Chapter 4 Analysis of Financial Statements |
| NCERT Solutions Class 12 Accountancy Chapter 5 Accounting Ratios |
| NCERT Solutions Class 12 Accountancy Chapter 6 Cash Flow Statement |
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NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation
NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation is available on our website www.studiestoday.com for free download in Pdf. You can read the solutions to all questions given in your Class 12 Accountancy textbook online or you can easily download them in pdf.
Chapter 1 Accounting for Not for Profit Organisation Class 12 Accountancy NCERT Solutions
The Class 12 Accountancy NCERT Solutions Chapter 1 Accounting for Not for Profit Organisation are designed in a way that will help to improve the overall understanding of students. The answers to each question in Chapter 1 Accounting for Not for Profit Organisation of Accountancy Class 12 has been designed based on the latest syllabus released for the current year. We have also provided detailed explanations for all difficult topics in Chapter 1 Accounting for Not for Profit Organisation Class 12 chapter of Accountancy so that it can be easier for students to understand all answers.
NCERT Solutions Chapter 1 Accounting for Not for Profit Organisation Class 12 Accountancy
Class 12 Accountancy NCERT Solutions Chapter 1 Accounting for Not for Profit Organisation is a really good source using which the students can get more marks in exams. The same questions will be coming in your Class 12 Accountancy exam. Learn the Chapter 1 Accounting for Not for Profit Organisation questions and answers daily to get a higher score. Chapter 1 Accounting for Not for Profit Organisation of your Accountancy textbook has a lot of questions at the end of chapter to test the students understanding of the concepts taught in the chapter. Students have to solve the questions and refer to the step-by-step solutions provided by Accountancy teachers on studiestoday to get better problem-solving skills.
Chapter 1 Accounting for Not for Profit Organisation Class 12 NCERT Solution Accountancy
These solutions of Chapter 1 Accounting for Not for Profit Organisation NCERT Questions given in your textbook for Class 12 Accountancy have been designed to help students understand the difficult topics of Accountancy in an easy manner. These will also help to build a strong foundation in the Accountancy. There is a combination of theoretical and practical questions relating to all chapters in Accountancy to check the overall learning of the students of Class 12.
Class 12 NCERT Solution Accountancy Chapter 1 Accounting for Not for Profit Organisation
NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation detailed answers are given with the objective of helping students compare their answers with the example. NCERT solutions for Class 12 Accountancy provide a strong foundation for every chapter. They ensure a smooth and easy knowledge of Revision notes for Class 12 Accountancy. As suggested by the HRD ministry, they will perform a major role in JEE. Students can easily download these solutions and use them to prepare for upcoming exams and also go through the Question Papers for Class 12 Accountancy to clarify all doubts
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