What is the Difference Between P & L A/C and Income and
Expenditure A/C ?
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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)
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