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    the excess of total assets over total liabilities of a not for profit concern

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    Excess of assets over liabilities is known as .

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    Question

    Excess of assets over liabilities is known as ____________ .

    A

    Capital

    B

    Loss

    C

    Profit

    D

    Surplus

    Medium Open in App

    Updated on : 2022-09-05

    Solution Verified by Toppr

    Correct option is A)

    Amount invested by the owner in his firm is known as capital. It may be brought in the form of cash or assets by the owner for the business entity capital is an obligation and a claim on the assets of business. It is, therefore, shown as capital on liabilities side of the balance sheet It refers to the money or money's worth introduced or invested by the proprietor in the business. It is the excess of assets over liabilities.  It is also called as owner's equity.

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    Write the word/phrase/term, which can substitute the following sentence. The excess of total assets over total liabilities of a ‘Not for Profit’ Concern.

    Write the word/phrase/term, which can substitute the following sentence. The excess of total assets over total liabilities of a ‘Not for Profit’ Concern.

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    Write the word/phrase/term, which can substitute the following sentence.

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

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    SOLUTION

    Capital FundExplanation: In case of not-for-profit organisations, an excess of assets over liabilities is called 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 of the Balance Sheet.

    Concept: Features of "Not for Profit" Concerns.

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    Chapter 7: Accounts of 'Not For Profit' Concerns - Exercise 2 [Page 227]

    Q 2 Q 1 Q 3

    APPEARS IN

    Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board

    Chapter 7 Accounts of 'Not For Profit' Concerns

    Exercise 2 | Q 2 | Page 227

    2013-2014 (March) (with solutions)

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

    Write one Word / Term / Phrase for the following statement. The excess of total assets over total liabilities of a ‘Not for Profit’ Concern.

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

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