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Revision Notes

Accounts of Non- Trading Organization — Revision Notes

ICSE · Class 11 · Accountancy

Accounts of Non- Trading Organization revision notes for ICSE Class 11 Accountancy: 4 topics in quick points. Includes Meaning and Nature of Non-Trading.

51 questions40 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Nature of Non-Trading Organizations

  • Non-trading organizations are formed for the welfare of society or for the promotion of art, culture, education, sports, and similar activities.
  • They are also called non-profit seeking or not-for-profit organizations.
  • Examples include clubs, libraries, orphanages, schools, colleges, charitable institutions, and literary societies.
2

Receipts and Payments Account

  • A Receipts and Payments Account is merely a summary of cash and bank transactions during an accounting period of a non-trading organization.
  • It starts with opening cash and bank balances and ends with closing cash and bank balances.
  • It is a real account.
3

Income and Expenditure Account

  • Income and Expenditure Account is drawn to depict the result of a non-trading organization during an accounting period.
  • It is prepared on accrual basis and follows the matching principle.
  • It is a nominal account.
4

Balance Sheet and Capital Fund

  • Balance Sheet is a statement drawn at a particular date to depict the financial position of an organization.
  • It shows assets, liabilities, and capital fund.
  • The excess of assets over liabilities is known as capital fund.

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Full Notes

Key Concepts

A nonThis is a real accountThis is a nominal account preparedThis is a statement drawn atCapital Fund is the excess

Frequently Asked Questions

What are the important topics in Accounts of Non- Trading Organization for ICSE Class 11 Accountancy?
Key topics in Accounts of Non- Trading Organization include Meaning and Nature of Non-Trading Organizations, Receipts and Payments Account, Income and Expenditure Account, Balance Sheet and Capital Fund. Study these first, then practise questions on each for Class 11 exams.
How should I revise Accounts of Non- Trading Organization for Class 11 exams?
Learn the core ideas first, then work through the 51 practice questions on Accounts of Non- Trading Organization. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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