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What is the Difference Between P & L A/C and Income and
Expenditure A/C ?
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Answer / aftab
Profit and Loss Account using for calculating profit and
loss, this using those company which make for earning
profit. Income and Expenditure account using only for
calcuate the surplus and deficit, this using which company
they are not relation with any income. like charitable
trust and non-profit company prepare Income and expenditure
account.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / gouthami
profit & loss account is prepare to know net profit or net
loss for a particular year
the main objective of profit and loss account is to know
net profit (trading concerns)
____________________________________________________________
income and expenditure is prepare to know surplus or
deficit of the company this account is prepare by the non
profit companies like Charitable trust.
(non trading concerns)
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / umamaheshwara rao
profit & loss is prepare when they have completed their financial year. they should be calculated our trading and profit and loss account. it is prepare only for trading concern. and income and expenditure account should be prepare only non trading concern like charitable trusts. temples
| Is This Answer Correct ? | 2 Yes | 0 No |
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