What is the difference between P&L account and Balance Income & Expend

What is the difference between P&L account and Balance Income
& Expenditure account ??

Question Posted / sayleeg

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What is the difference between P&L account and Balance Income & Expenditure account ??..

Answer / dhanesh chandramangal

1.P & l account maintained by profit oriented compaies,
income & expenditure account is mainted by service oriented
companies[hospital, charitable society,etc]

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What is the difference between P&L account and Balance Income & Expenditure account ??..

Answer / nancy

Expenditure is the amount of money spent on a weekly or
monthly basis.
income is the financial gain (earned or unearned) over a
given period of time.
a profit and loss account is an account compiled at the end
of an accounting period to show gross and net profit or loss

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4 Yes

2 No

What is the difference between P&L account and Balance Income & Expenditure account ??..

Answer / umair

Profit and Loss Account is prepared by Profit Oriented
Organization, while Income and Expenditure Account is
prepared by Non Profit Organization.

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