Accountancy, asked by roopinagirotra, 3 months ago

Can we treat the balance of receipt and payments account as income from that period?

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Answered by kakashi00

Income and Expenditure Account is akin to Profit and Loss Account. The Not-for-Profit Organisations usually prepare the Income and Expenditure Account and a Balance Sheet with the help of Receipt and Payment Account.

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Can we treat the balance of receipt and payments account as income from that period?​

Answers

Can we treat the balance of receipt and payments account as income from that period?