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Dr. Rajani Mehta a qualified M.B.B.S. The doctor got voluntary retirement at the age of 50 years from a renowned hospital. She was residing in a flat of a wide apartment which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about the importance of health care, a widespread ailment had been persistently prevailing. Rajani met with some of the well-off people of the apartment and decided to open a dispensary named 'LOCAL Clinic’ to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the apartment members agreed to it. She approached the health department of the town with her proposal which was accepted and an initial one time grant of ₹ 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed ₹ 20,000 each as lifetime subscription to the clinic. Rajni decided to charge ₹ 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:


Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.




Q. Not for profit organization prepares:


(i) Income and Expenditure account


(ii) Trading and Profit loss account


(iii) Receipt and Payment account


(iv) None of the above

  • a)
    Only (ii)

  • b)
    Only (iii)

  • c)
    Both (i) and (iii)

  • d)
    Both (i) and (ii)

Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Read the following information and answer the questions that follow:Dr...
Final Accounts prepared by Not for-Profit Organisation


1. Receipts and Payments Account


2. Income and Expenditure Account


3. Balance Sheet
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Read the following information and answer the questions that follow:Dr. Rajani Mehta a qualified M.B.B.S. The doctor got voluntary retirement at the age of 50 years from a renowned hospital. She was residing in a flat of a wide apartment which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about the importance of health care, a widespread ailment had been persistently prevailing. Rajani met with some of the well-off people of the apartment and decided to open a dispensary named LOCAL Clinic’ to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the apartment members agreed to it. She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. Can you explain this answer?
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Read the following information and answer the questions that follow:Dr. Rajani Mehta a qualified M.B.B.S. The doctor got voluntary retirement at the age of 50 years from a renowned hospital. She was residing in a flat of a wide apartment which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about the importance of health care, a widespread ailment had been persistently prevailing. Rajani met with some of the well-off people of the apartment and decided to open a dispensary named LOCAL Clinic’ to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the apartment members agreed to it. She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following information and answer the questions that follow:Dr. Rajani Mehta a qualified M.B.B.S. The doctor got voluntary retirement at the age of 50 years from a renowned hospital. She was residing in a flat of a wide apartment which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about the importance of health care, a widespread ailment had been persistently prevailing. Rajani met with some of the well-off people of the apartment and decided to open a dispensary named LOCAL Clinic’ to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the apartment members agreed to it. She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the questions that follow:Dr. Rajani Mehta a qualified M.B.B.S. The doctor got voluntary retirement at the age of 50 years from a renowned hospital. She was residing in a flat of a wide apartment which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about the importance of health care, a widespread ailment had been persistently prevailing. Rajani met with some of the well-off people of the apartment and decided to open a dispensary named LOCAL Clinic’ to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the apartment members agreed to it. She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. Can you explain this answer?.
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She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. 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She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following information and answer the questions that follow:Dr. Rajani Mehta a qualified M.B.B.S. The doctor got voluntary retirement at the age of 50 years from a renowned hospital. She was residing in a flat of a wide apartment which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about the importance of health care, a widespread ailment had been persistently prevailing. Rajani met with some of the well-off people of the apartment and decided to open a dispensary named LOCAL Clinic’ to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the apartment members agreed to it. She approached the health department of the town with her proposal which was accepted and an initial one time grant of 2,00,000 was sanctioned immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the apartment contributed 20,000 each as lifetime subscription to the clinic. Rajni decided to charge 10 as a one time registration fee from patients. Apart from above Rajni made following transactions for the first year:Marble’s popularity began in ancient Rome and Greece, where white and off-white marble were used to construct a variety of structures, from handheld sculptures to massive pillars and buildings.Q. Not for profit organization prepares:(i) Income and Expenditure account(ii) Trading and Profit loss account(iii) Receipt and Payment account(iv) None of the abovea)Only (ii)b)Only (iii)c)Both (i) and (iii)d)Both (i) and (ii)Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Commerce tests.
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