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What are the difference between P/l a/c and income and
expenditure
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Answer Posted / gopal reddy. illuri
Profit and loss a/c is prepared by the trading, profit oriented firms to know the profit earned or loss incurred by the business during the regular periodic interwals. It reveals the net margin on sales made by the concern after meeting all expenses which are required to make the goods available to the consumers(after providing all indirect expenses).It is caliculated by deducting all the indirect expenses from the gross profit such as selling and distribution, management, depreciation and maintanance, financial expenses, and extraordinary items. the difference is called Net profit.
Income and Expenditure a/c is prepared by the non profit oriented concerns like clubs associations voluntary organisations to know the surplus or deficit during a particular period. it is caliculated by deducting all expenditure incurred in a period from the income earned during that period. If the income exceeds the expenditure it is called as surplus. If expenditure Exceeds income it canbe termed as deficit.
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