Question

Fill in the blank:Pune University prepares______account instead of a profit and loss account​

Answer 1

We must complete the statement supplied by filling in the blanks. Instead of a profit and loss statement, what account does Aurangabad University prepare?

What are account profit and loss:

• Concerns typically create a Profit and Loss Account to keep track of their profits and losses.

• There is no profit or loss in the case of non-profit organizations.

• As a result, in the case of non-profit organizations, the profit and loss account cannot be prepared.

• So, in the case of non-profit organisations, an account called an income and expenditure account is generated.

• All incomes and expenditures will be maintained in this account, allowing the gap to be filled with the Income and Expenditure Account.

• The sentence is then transformed into The Income and Expenditure Account is prepared by Aurangabad University.

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