Hi All,
can you please explain me the difference between expendetures and payments in detailly?
Thanks
Murari
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difference b/n expendeture and payments
Replies (1)
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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