The first chapter of the 12th standard NCERT accountancy book briefs about how non-profit organizations such as charities, trade unions, Government bodies, public organizations, and so on operate. The chapter explains the different types of accounts like Receipt and Payment Account, Income and Expenditure Account, based on which these organizations function. Various features of these accounts are also listed in a detailed and precise manner.
First chapter of the NCERT class 12 accountancy Part 1 book also discusses the ins and outs of subscription (income collected from the members as a membership fee), capital fund (the excess of assets over liabilities). Explanation of these concepts is followed by some accountancy problems, which students can solve for better understanding of the chapter as a whole
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