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Everyone knows that the Non-trading organizations prepare Receipts and Payments Account for recording cash and bank transactions.
Income and expenditure account. What Is An Income and Expenditure Account. Income and expenditure is a nominal account which includes all revenue items. An Income and Expenditure Account is the detailed summary of every income and expense incurred by an organisation in a specific financial year.
Not for Profit concerns prepare Income and Expenditure 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.
What is Income and Expenditure Account. The difference of this account will represent surplus or deficit. The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year.
If in the above illustration one is required to prepare a Balance Sheet as on March 31 2011 one. The format in PDF. It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses.
Income and expenditure account is a summary of revenue income and revenue expenses of a particular period. In order to record the Expenses and Incomes of the concern the concept of Income and Expenditure Account came into. All expenditures are recorded in the debit side.
All incomes are recorded in the credit side. 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. 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.
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