What is the Difference Between P & L A/C and Income and
Expenditure A/C ?
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Answer Posted / aftab
Profit and Loss Account using for calculating profit and
loss, this using those company which make for earning
profit. Income and Expenditure account using only for
calcuate the surplus and deficit, this using which company
they are not relation with any income. like charitable
trust and non-profit company prepare Income and expenditure
account.
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
