What is the Difference Between P & L A/C and Income and
Expenditure A/C ?
Answer Posted / gouthami
profit & loss account is prepare to know net profit or net
loss for a particular year
the main objective of profit and loss account is to know
net profit (trading concerns)
____________________________________________________________
income and expenditure is prepare to know surplus or
deficit of the company this account is prepare by the non
profit companies like Charitable trust.
(non trading concerns)
Is This Answer Correct ? | 8 Yes | 0 No |
Post New Answer View All Answers
What is the use of form D in sale tax
what is a register when referring to accounting or bookkeeping?
What is debit and credit note?
Why Is The Distinction Between Product Costs And Period Costs Important?
What is journal entry for salary paid less deductions (e.g. fines for breaking a company's property)?
Was there a time when you lost the chance to engage a prospect? What happened and what did you learn?
how sales invoices adjusted against advance received from Debtor?
What is fiduciary accounting?
What is trial balance? What does an accurate trial balance suggest?
What are control ledgers? What are the purposes of maintaining it?
Please answer me for the followings 1. i taken an office on January @ rent 28000.00 for one year and i paid 14000.00 as first payment balance will be paid on august. in tally how we post this and under which account especially balance 14000.0 under which account. 2.i have taken a loan from mr. A the amount is 100000.00 on January and the interest i need to pay on march 21000.00 the interest which iam going to pay is liability not a expense and it will be a expense in future, how we can post this also in tally and under which account. please somebody guide me who knows regards niyas es
What is the abbreviation for the accounting terms debit and credit?
What is reversing journal entries?
What is the difference between a provisions and reserves?
Describe the proof of cash type of bank reconciliation?