How to Convert a Receipt
Opening and closing balances of receipt and payment account should be excluded.All items of capital receipts and payments should be excluded.All incomes of previous years or for years to come should be excluded.All expenditures of previous years and years to come should be excluded.
Income and Expenditure Account: Learning Objectives: Define and explain income and expenditure account. What is the purpose of preparing income and expenditure account? Example and format of Income and expenditure account Definition and Explanation: Income and expenditure account is merely another name for profit and