what is profit & loss A/c? difference between income &
expenditure A/c
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Answer Posted / gayathriprasad
Profit & Loss A/c is a statement which gives the net profit
earned by a company, after considering all other incomes
and expenses incurred over a period. This helps the company
to monitor and control the costs incurred and improved its
efficiency. And it is prepared by all trading and
manufacturing companies where the main aim of the company
is to earn profit.
Income & Expenditure A/c is prepared by the non-traing or
non-profit organisations, i.e Service Organisations where
the main aim of the company in not profit earning but the
sevice providing.
In Income & Expenditure A/c the income is not termed as
profit, but termed as excess of income over expenses & in
the same way the loss termed as Excess of Expenses over
Income
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