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Accounting procedure for Colleges
I want to know the accounting procedure for private colleges providing degree courses like B.A., B.SC., B.COM. Whether they will prepare Profit & Loss A/C or whether they will prepare Income & Expenditure A/C. The college is run by a trustee board. Kindly help.
Replies (2)
It will be an income & expenditure account
College is Non Profit organisation and it is formed under Trust hence it need to prepare income and expenditure account, receipt and payment account
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