How would you treat the following items in the case of a ‘not-for-profit’ organisation?
Receipts from Charity Show Rs. 7,000. Expenses on Charity Show Rs. 3,000.

Explanation

There is no specific fund. Receipts from Charity Show would be shown on the credit side and expenses on charity show are deducted from the receipts and the net amount would be shown on the credit side of Income and Expenditure Account.