![]() ![]() The main aim of these organization is to provide service either free of cost or at nominal rates and not to earn profit. Services :- Such organization are setup to provide services to a specific group or the public at large such as education, health care, sports.A Balance Sheet is also prepared in order to show the financial position of the organization on the last date of the Accounting year.įeatures of Not- For- Profit Organization.For this purpose they prepare an Income and Expenditure Account which is similar to Profit and Loss Account of a profit seeking entity. ![]() This is also a legal requirement and they would also like to know whether there current incomes are sufficient to meet their current expenses. But still they have to maintain proper accounts.As the main aim of these organizations is not to earn profit, they do not prepare Trading and Profit and Loss Account.Though the main source of income of such organization is membership, donation and grantsetc.It is a separate legal entity not owned by an individual or an enterprise.A not-for-profit organization is also known as non profit organization is an organization setup to render services to the society not with the aim of earning profit.I WOULD LIKE TO THANK MY SUBJECT TEACHER C.P. I AYUSHI ARORA OF 11-D IS DECLARING THAT THIS PROJECT ON NON-PROFIT ORGANIZATION IS ENTIRELY MADE BY ME.ACCOUNTANCY PROJECT ON NON-PROFIT ORGANIZATIONS MADE BY:- AYUSHI ARORACLASS:- 11-D ![]()
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