Download App

Accounts of ‘Not for Profit’ Concerns — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyAccounts of ‘Not for Profit’ Concerns2 Marks
Question
Excess of Assets over liabilities is called Capital Fund.
✓

Answer

This statement is True.
For ‘Not for Profit’ concerns in the Balance Sheet, when a total of Assets is more than the total of Liabilities, the difference of amount is considered as ‘Capital Fund’.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "State whether the following statements are true or false with reasons" from Accounts of ‘Not for Profit’ Concerns→Accounts of ‘Not for Profit’ Concerns — all question types→Book Keeping & Accountancy STD 12 Commerce / Arts question papers→Maharashtra Board STD 12 Commerce / Arts question papers→Maharashtra Board question paper generator→

Similar questions

On the death of a partner, his share in the goodwill is divided equally among continuing partners.
→
Equity shareholders get a guaranteed rate of dividend every year.
→
Analysis of financial statements is a tool but not a remedy.
→
Ratio Analysis is useful for inter-firm comparison.
→
Legal software is fully functional software without any restriction.
→
After the death of a partner, the entire amount due to the deceased partner is paid to the legal representative of the deceased partner.
→
Adjustments are recorded in Partners Current Account in Fixed Capital Method.
→
R.D.D. is created on Creditors.
→
In Tally, the F6 Function key is for the payment vouchers.
→
Revaluation profit is distributed among all partners including new partners.
→