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Analysing Statement of Profit and Loss

State the nat...

Question

State the nature of Income and Expenditure Account.

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Solution

It is like a Profit and Loss Account of a profit seeking entity. It is a nominal account.

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State the meaning of Income and Expenditure Account.

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Receipts and payments account highlights total income and expenditure.

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There is no difference between Receipts and Payment Account and Income and Expenditure Account.

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Analysing Statement of Profit and Loss

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