Income Expenditure Accounts

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This query is : Resolved

SHIRAS (Querist)

05 February 2011 In income and Expenditure Account have any Recievables and Paybles include OR its just like Profit & Loss A/C. It is for a Hospital accounting

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)

05 February 2011 Your query is not clear.

SHIRAS

SHIRAS (Querist)

05 February 2011 My query is Income & Expenditure A/c is same as Profit & Loss A/c. In Income & Expenditure A/c have including any Recievable(S.Debtors) and Payable (S.creditors).Income & Expenditure A/c is used for Hospital and School etc. I'm a right.

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)

05 February 2011 Income & Expenditure Accounts are normally prepared for non profit organizations and are prepared just like Profit & Loss Account. Normally mercantile (Accrual) method of accounting is followed. Cash basis is normally adopted for preparing Receipts and Payments Account which is nothing but a summary of Cash & Bank book.

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