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Question

Write one Word / Term / Phrase for each of the following statement.

The excess of total assets over total liabilities of a ‘Not for Profit’ Concern.


Solution

Capital Fund

Explanation: In case of non- profit organisations, excess of assets over liabilities is termed as capital fund. It is similar to the capital account in case of profit-making entities. Any surplus/ deficit shown by the Income and Expenditure Account will be added/ deducted from the opening capital and the net capital fund will be shown on the Liabilities side.

Accountancy
B.Keeping & Account (2014)
Standard XII

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