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is preparation of receipt and payment a/c is necessary
one person runs a dental clinic..so is it necessary to prepare receipt and payment a/c or we can directly prepare profit and loss a/c..
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It is better to prepare receipt & payment and then Income & expenditure not profit and loss account . If it is Hospital its non profit concern .
it is a profit concern..can't say profit...say medical services..
prepaire income &expenditure account for know a net profit
but it is not a non profit entity...
ok then prepaire reciepts and payment
dental clinic fall under the category of non profit organisations that are registered under section 8 of companies act..it is better you prepare reciepts and payments account and income & expenditure accpunt also. furthur provide balance sheet under schedule iii format.
since it is a private dental clinic which do not run for no profit so I am preparing profit and loss acc
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