Question

On what basis income and expenditure account is prepared in case of non profit organisation

Answer 1

Answer:

Income and Expenditure Account is prepared by a Non-trading concern while Profit and Loss Account is prepared by a trading concern. 2. Income and Expenditure shows Surplus or Deficit while Profit and Loss Account shows Net Profit or Net Loss

Answer 2

Answer:

an income and expenditure account is prepared in order to show the surplus or deficit made by the service business . it helps to record any subscriptions , profits made in the income statement and also income and expenditure costs .to show the performance of the company

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