Difference between Income & Expenditure A/c AND P/L a/c.

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Question Posted / ajay06_gupta

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Difference between Income & Expenditure A/c AND P/L a/c...

Answer / nagaraj

As per my Knowledge the P&L account is prepared for the
companies who ate doing tradeing... where as Income&
expenditure account is prepared my non trading firms like
trust,educational instutions

Is This Answer Correct ?

18 Yes

4 No

Difference between Income & Expenditure A/c AND P/L a/c...

Answer / dinesh thevar

income & expenditure a/c does not contain debit & credit
whereas p/L a/c contain debit & credit sides
income & expenditure a/cs are prepared in NTO (non trading
organisation or npo (non profit organisation)
for eg trust, institutions, societies etc.
p/L a/c are prepared in all trading firms which work for
profits

Is This Answer Correct ?

8 Yes

5 No

Difference between Income & Expenditure A/c AND P/L a/c...

Answer / umer ali

Inc & Exp a/c.Its objective is to find SURPLUS or DEFICIT.Surplus means profit & Deficit means loss in income & expenditure a/c. P & L a/c finds PROFIT or LOSS.

Is This Answer Correct ?

4 Yes

3 No

Difference between Income & Expenditure A/c AND P/L a/c...

Answer / a.rajeshwar

income & expenditure a/c prepared on
receipt basis relating to f.y or p.y, where
as P&L a/c shows accruals basis , simply
say I&E a/c prepared on single entry
system , P&L a/c prepared dual concept
basis

Is This Answer Correct ?

5 Yes

5 No

Difference between Income & Expenditure A/c AND P/L a/c...

Answer / aparna reddy

in income and expenditure there is no debit ,credit whereas
in profit & loss a/c there is debit and credit

Is This Answer Correct ?

9 Yes

19 No

Difference between Income & Expenditure A/c AND P/L a/c...

Answer / anjali

Income & expenditure a/c and P&L a/c is the same thing.