Question

Billiard table is income or revenue expenditure?

Answer 1

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For preparing an income and expenditure account, follow the steps as listed below.

• Include all items of revenue receipts and expenses, on the respective side of the account.

• Ensure that no items of capital incomes and expenses are included in this account.

• Also, adjustment for amounts prepaid and outstanding, with respect to each item will have to be made.

• Further, items included in receipts and payment account, depreciation, provisions, and profit or loss on sale of assets will have to be included in this account.

• Finally, after putting down all items of revenue and expenses, you’ll get a balance. The resulting balance will then reveal the surplus or deficit for the period.