Difference between Income & Expenditure A/c AND P/L a/c.
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Answer Posted / 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
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