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Revision Notes

Accounts of Non- Trading Organization

ICSE · Class 11 · Accountancy

Quick revision notes for Accounts of Non- Trading Organization — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

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?
Accounts of Non- Trading Organization covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Accounts of Non- Trading Organization — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 51 practice questions available for this chapter. Revise formulas and 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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