Difference betwwen ??
This query is : Resolved
26 July 2010
DIFFERENCE BETWEEN WITH EXAMPLE PLZ.
INCOME AND EXPENDITURE &
RECEIPT AND PAYMENTS ?
DIFFERENCE BETWEEN WITH EXAMPLE PLZ.
INCOME AND EXPENDITURE &
RECEIPT AND PAYMENTS ?
26 July 2010
First of all i want to tell you that these are parts of financial statements which are prepared by Non profit organisations.
1- Receipt and Expenditure A/c is a kind of Cash A/c in which receipt means amount we have received either in cash or in bank account and payments means where we made the payments either in cash or through bank account.
2- Income & Expenditure A/c is a kind of P & L A/c. As NPO are not allowed to earn profits thats y they prepare income & expenditure account in which they mention how they have earned the income and where they have spent it.
Difference between income & expenditure and Receipt and payment account is that former is prepared on accrual and cash basis where as later is prepared on cash basis only.
1- Receipt and Expenditure A/c is a kind of Cash A/c in which receipt means amount we have received either in cash or in bank account and payments means where we made the payments either in cash or through bank account.
2- Income & Expenditure A/c is a kind of P & L A/c. As NPO are not allowed to earn profits thats y they prepare income & expenditure account in which they mention how they have earned the income and where they have spent it.
Difference between income & expenditure and Receipt and payment account is that former is prepared on accrual and cash basis where as later is prepared on cash basis only.
Message likes :
1 times
26 July 2010
well explained by Shudhanshu jee.
In point no 1. Except
Receipts & payments a/c instead of Receipt and Expenditure A/c
In point no 1. Except
Receipts & payments a/c instead of Receipt and Expenditure A/c
27 July 2010
DOES NPO MEANS ?
"Charitable , Religious institutions , religious trust "
"Charitable , Religious institutions , religious trust "
27 July 2010
i favour to shudanshu ji, he explained well.
No doubts and no further clarification required on this matter.
Further more If any doubt then I will resolve it.
No doubts and no further clarification required on this matter.
Further more If any doubt then I will resolve it.
27 July 2010
If you want to know about NPO then i will suggest you to go through Section 11 to 13 of Income Tax Act, 1961 and Section 25 of Companies Act, 1956.
In brief i can say that NPO means those organisations who's main objective is social welfare and not earning profit. Take the example of our Central Goverment whenever they present budget, they prepare Income & Expenditure A/c and not Profit & Loss A/c.
In brief i can say that NPO means those organisations who's main objective is social welfare and not earning profit. Take the example of our Central Goverment whenever they present budget, they prepare Income & Expenditure A/c and not Profit & Loss A/c.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
