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The income and expenditure account is prepared by the non-trading entities to determine surplus or deficit of income over expenditures for a particular time frame.
Income and expenditure account. Income and expenditure account is merely another name for profit and loss account. Balance of Account. The income and expenditure account is prepared by taking all incomes and expenditures.
The account through which surplus or deficit of a non-profit-seeking concern is ascertained is called Income and Expenditure Account. The Income and Expenditure Statement is a summary of all items of income and expenses which relate to the ongoing accounting year. It is similar to profit and loss account in the sense that it gives the picture of working results of the concern.
It is prepared same as profit and loss account ie. The income and expenditure account of a club and society is regarded as being similar to the profit and loss statement prepared by businesses which records all types of incomes earned by the club and all expenditures incurred in running the club for the accounting period. SAMPLE INCOME AND EXPENDITURE STATEMENT Statement of Financial Performance INCOME 2008 2007 Grants Federal Government 56000 32000 Grants State Government 48000 0 Grants Local Government 42000 36000 Grants Philanthropic 37400 55150 Sponsorship 24000 14900 Membership 7900 3726 Donations 52790 93510.
Income and expenditure is a nominal account which includes all revenue items. When we compare debit and credit side of this account balance will be surplus or deficit. All the information necessary for preparation of this account will be available from ledger accounts.
Income and expenditure account is a summary of revenue income and revenue expenses of a particular period. The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. Prepared on an accrual basis this account records every income and expense in a particular year irrespective of whether they are clear or not.
Profit and loss account is prepared on the basis of trial balance and some other information. All expenditures are recorded in the debit side. It is a Nominal Account.
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