1.

Interest On Deposit Is Not In Income And Expenditure Account What Is The Reason For That?

Answer»

The role of a non-trading firm is to provide services to its members. HOWEVER, in order to do the same, it needs to EARN some revenue and incur certain expenditures. When a non-profit firm does so, it needs to prepare an income and expenditure account, which can help it in ascertaining the surplus EARNED or deficiency INCURRED during a period. Let us UNDERSTAND more about the income and expenditure account which is prepared by a non-profit organization.



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