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What are the difference between P/l a/c and income and
expenditure
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Answer Posted / hari nath jha
Mention below are the main differences/distinction between:
=>Profit And Loss Account
1 Prepare by business undertakings
2 Credit balance of this account is known as “Net profit”
and added to opening capital
3 Debit balance of this account is known as “ Net loss” and
deducted from opening capital
4 To check correctness of accounts, trial balance is
prepared before preparing this Profit & Loss Account
=>Income And Expenditure Account
1 Prepared by non-trading organizations
2 Credit balance is known as “excess of income over
expenditure or surplus” and added to opening capital fund
3 Debit balance is known as “excess of expenditure over
income or deficit” and deducted from opening capital fund
4 To check correctness of accounts, receipts and payment
account is prepared before preparing this account.
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