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what is the difference betwen p & l a\c and income & 
expenditure statement

 Question Submitted By :: Finance
I also faced this Question!!     Answer Posted By  
# 1
P&L A/c is prepared for the Business Organization whose aim
is to earn profit by running business whereas Income &
Expenditure A/c is prepared for the non-Profit
Organization,Trusts etc.
Is This Answer Correct ?    36 Yes 7 No
Gurpreet Singh Chahal , Ballar
# 2
Profit And Loss Account(p/l acc)
Income And Expenditure Account(I/E acc)
1.Prepare by business undertakings(p/l acc)
Prepared by non-trading organizations(I/E acc)
2.Credit balance of this account is known as “Net profit” and added to opening capital(p/l acc)
Credit balance is known as “excess of income over expenditure or surplus” and added to opening capital fund(I/E acc)
3.Debit balance of this account is known as “ Net loss” and deducted from opening capital(p/l acc)
Debit balance is known as “excess of expenditure over income or deficit” and deducted from opening capital fund(I/E acc)
4.To check correctness of accounts, trial balance is prepared before preparing this Profit & Loss Account(p/l acc)
To check correctness of accounts, receipts and payment account is prepared before preparing this account(I/E acc)
Is This Answer Correct ?    22 Yes 2 No
Abhinav Srivastava
# 3
Through P/L a/c we get Net profit or net loss of a concern
but incase of I/E a/c we get net surplus or net deficit of
the organigation as we prepare P/L a/c for a profitable
organigation & I/E a/c for a nonprofitable organigation.
Is This Answer Correct ?    15 Yes 1 No
Kaushik Patra , Ibcs, Soa Univ
# 4
the main diffarence between p/l a/c and income and
expenditure a/c is that p/l a/c prepare only for the
profitable concern like company and income expenditure a/c
prepare only for the non profit seeking concern like
charitable institution, club, hospital.
Is This Answer Correct ?    12 Yes 5 No
Mainak Das
# 5
P & L account make by profitable orgnaisation but income &
exp. account make by non-profitable orgnisation.
Is This Answer Correct ?    22 Yes 19 No
Mohd Imran Khan
# 6
Income statement also called p & l statement. It is a
company's financial statement, the purpose of the income
atatement is to show during the period being report.

Any cash received from current yr is regarded only is
income.and any cash paid in all the purpose of comapny's
work may or may not be regarded as expenditure.
Is This Answer Correct ?    6 Yes 3 No
# 7
p & l a/c show gross & net profit or loss whether income &
expenditure a/c show direct/indirect income or expenses
Is This Answer Correct ?    1 Yes 2 No
Pravin Sharma
# 8
profit n loss is prepared to acheive the objectives of
While income n expenditure is prepared to ascertain the net
profit n loss, which is transferred to capital account at
the end of the financial year.
Is This Answer Correct ?    2 Yes 5 No
Sandeep Kumar

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