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What you mean by not for …

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What you mean by not for profit organization
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Gaurav Seth 5 years, 7 months ago

Not-for-Profit Organisations are the establishments that are for utilized for the welfare of the community and are set up as charitable associations which operate without any motive for profit. Their primary objective is to furnish service to a specific class or the public at the larger picture. Usually, they do not produce, buy or sell commodities and may not have credit transactions. Therefore, they need not manage many books of account (as the trading entities do) and Trading and Profit & Loss Account. The funds raised by such establishments are credited to the general fund or capital fund. The major sources of their income usually are subscriptions from their member’s donations, income from investments, grants-in-aid etc.,

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