Generally, trading firms or concerns come into existence for profit generation. However, there are several institutions in society, who do not have an objective of generating profit. They have an aim to serve the society, provide facilities and services to the members, to undertake the activities for the welfare of the members, to extend academic activities with an intention to develop academic, social, religious, art-related or donation generating acts. These kinds of concern are known as non-trading concerns. These generate income from their predetermined activities and use it for the society or predetermined aims of the concern.
These kinds of concern are known as non-trading concerns.
In this course:
+ Meaning and Characteristics of non-trading concerns
+ Accounts of non-trading concerns
+ Difference between accounts of trading and non-trading concerns
+ Classification of incomes
+ Classification of expenses
+ Special issues included in accounts of non-trading concerns
+ Classification of incomes and expenses
+ Receipt - Payment Account
+ Income - Expenditure Account