Which of the following statements is INCORRECT in the comext of Not-for-profit organisations?

The main sources of income of such organisations are: (i) subscriptions from members. (ill donations. (iii) gram-in-aid,etc .

The income and expenditure account lists both the revenue and capital receipts and payments (for past. current and future periods).

Final accounts for not-for-profit organisations comprise receipts and payment account: income and expenditure account; and balance sheet at the end of the year.

Not-for-profit organisations are organised as trusts/societies and have members, not owners.