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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..
Replies (9)
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.
No, receipts and payments account is mandatory only if required by law.
I assume that it is a sole proprietorship, hence it's not mandatory. However, you may prepare if you wish.
Profit and loss account is already mandatory for balance sheet. That's just normal accounting process.
since it is a private dental clinic which do not run for no profit so I am preparing profit and loss acc
OK. No problem.
.
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