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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