Question

Difference between income and expenditure a/c​

Answer 1

Answer:

Income & expenditure a/c: It is prepared at the end of the period to ascertain surplus or deficit of non-profit organizations. Profit & loss a/c: It is prepared at the end of the period to ascertain net profit earned or net loss sustained by trading or for-profit business organizations.

Answer 2

Answer:

difference:

Explanation:

income

1) income means to earn money.

2) income is always beneficial and profitable.

expenditure

1) expenditure means to spend money on buying something.

2) expenditure is not always beneficial and profitable.