Difference Between Receipts and Payments Account and Income and Expenditure Account: Learning Objectives: What is the difference between receipt and payment account and income and expenditure account? Receipts & Payment Account Income & Expenditure Account 1 It is a summary of the cash book
Income and expenditure account
Income and expenditure account the equivalent to Profit and Loss accounts in nonprofit organizations such as clubs, societies and charities.
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
Accounting for Non-Trading Concerns Definition and Explanation of Non-trading Concerns: Individuals or institutions with activities other than trade are known as non-trading concerns. Examples of non-trading concerns are clubs, hospitals, libraries, colleges, athletic clubs etc. These institutions are started not for carrying on a
Final Accounts of Non-Trading Concerns: Non-trading concerns usually maintain their accounts by the double entry system and periodically prepare their final accounts for the submission to their members and subscribers. The method of preparing final accounts by non trading concerns is different than trading