state the meaning not for profit organisation
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It means that you are not running an organisation for earning bread and butter.
The profit whatever you earn is not taken out by you for personal purposes. However, the money is reused for the purpose of organisation.
e.g. you run a school, collect fee from students, pay school expenses and whatever money is left is again used for education rather than your personal purposes.
The profit whatever you earn is not taken out by you for personal purposes. However, the money is reused for the purpose of organisation.
e.g. you run a school, collect fee from students, pay school expenses and whatever money is left is again used for education rather than your personal purposes.
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1) MOTIVE
The main motive of Non trading organization is to render service to members and society.
2) FUNDS
In a Non trading Organization funds are represented by capital fund compromising in the form of donations , subscriptions and surplus.
3) FINANCIAL STATEMENTS
In a non trading organisation, Receipts and Payments A/C, Income and Expenditure A/C and Balance Sheet are prepared.
4) SURPLUS/PROFITS
The balance of the Income and Expenditure A/C is either surplus or deficit.
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