Hi All,
can you please explain me the difference between expendetures and payments in detailly?
Thanks
Murari
murari athota (chowadary) (25 Points)
27 February 2010Hi All,
can you please explain me the difference between expendetures and payments in detailly?
Thanks
Murari
CA.Dheenadayalan.R
(Chartered Accountant)
(156 Points)
Replied 27 February 2010
Expediture is based on accrual concept of accounting. i.e. whether u made payment for expenses or not. whenever it becomes due u have to account for it.
whereas payment indicates actual out flow of cash from ur hand.
Thats y income and expenditure account and receipts and payment account is prepared incase of non profit organisation.
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