Question

what is income and expenditure account??

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Answer 1

Answer:

The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses.

Explanation:

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Answer 2

The income and expenditure account is a summary of all items of incomes and expenses which related to the ongoing accounting year. It is prepared with the objective of finding out the surplus or deficit arrising out of current incomes over current expenses.
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