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what is the difference betwen p & l a\c and income &
expenditure statement
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Answer Posted / abhinav srivastava
Profit And Loss Account(p/l acc)
Income And Expenditure Account(I/E acc)
1.Prepare by business undertakings(p/l acc)
Prepared by non-trading organizations(I/E acc)
2.Credit balance of this account is known as “Net profit” and added to opening capital(p/l acc)
Credit balance is known as “excess of income over expenditure or surplus” and added to opening capital fund(I/E acc)
3.Debit balance of this account is known as “ Net loss” and deducted from opening capital(p/l acc)
Debit balance is known as “excess of expenditure over income or deficit” and deducted from opening capital fund(I/E acc)
4.To check correctness of accounts, trial balance is prepared before preparing this Profit & Loss Account(p/l acc)
To check correctness of accounts, receipts and payment account is prepared before preparing this account(I/E acc)
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