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Difference between Income & Expenditure A/c AND P/L a/c.
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Answer / nagaraj
As per my Knowledge the P&L account is prepared for the
companies who ate doing tradeing... where as Income&
expenditure account is prepared my non trading firms like
trust,educational instutions
| Is This Answer Correct ? | 18 Yes | 4 No |
Answer / dinesh thevar
income & expenditure a/c does not contain debit & credit
whereas p/L a/c contain debit & credit sides
income & expenditure a/cs are prepared in NTO (non trading
organisation or npo (non profit organisation)
for eg trust, institutions, societies etc.
p/L a/c are prepared in all trading firms which work for
profits
| Is This Answer Correct ? | 8 Yes | 5 No |
Answer / umer ali
Inc & Exp a/c.Its objective is to find SURPLUS or DEFICIT.Surplus means profit & Deficit means loss in income & expenditure a/c. P & L a/c finds PROFIT or LOSS.
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / a.rajeshwar
income & expenditure a/c prepared on
receipt basis relating to f.y or p.y, where
as P&L a/c shows accruals basis , simply
say I&E a/c prepared on single entry
system , P&L a/c prepared dual concept
basis
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / aparna reddy
in income and expenditure there is no debit ,credit whereas
in profit & loss a/c there is debit and credit
| Is This Answer Correct ? | 9 Yes | 19 No |
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