Question

what is imcome and expenditure account​

Answer 1

Explanation:

Income account- It records income and revenues.If u want to record the income u credit to the income account.

Expenditure account- It is prepared by non- trading ascertain surplus or deficit of income over expenditure.

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Answer 2

Answer:

Income and Expenditure account is prepared at the end of the accounting period matching revenue receipts (income) with revenue expenses to determine surplus or deficit..

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