Difference b/w p&l and income and expenditure a/c
This query is : Resolved
17 September 2012
Dear Sir
What is the difference B/w P& L and Income & Expenditure A/c.My Client is running a Dhaba so what should i prepare for it Income and Expenditure or P & L Account as there is no opening and closing stock and purchase is just consumable purchases.
What is the difference B/w P& L and Income & Expenditure A/c.My Client is running a Dhaba so what should i prepare for it Income and Expenditure or P & L Account as there is no opening and closing stock and purchase is just consumable purchases.
17 September 2012
If it is Profit Oriented Business you have to go with the Profit & Loss A/c,
In case, non profit organisation you have to prepare Income & Exp. A/c.
In case, non profit organisation you have to prepare Income & Exp. A/c.
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