Accountancy, asked by yogipatel263, 6 months ago

why income and expenditure accout is prepared ?

Answers

Answered by kanishkagupta1234

11

Answer:

It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses. It is quite similar to the Trading and Profit and Loss Account of a trading concern and is prepared in an exact manner. Income and Expenditure Account is prepared on an accrual basis

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