![]() (iii) At the end of a year, users create these types of accounts. (ii) Similar to all other financial accounts, Income and Expenditure Accounts are created by following the double-entry system of bookkeeping strictly. (i) Non-trading entities’ Income and Expenditure Accounts are similar to the Profit and Loss Accounts of trading entities. Go through the below items to have a lucid view. ![]() Some key features are worth maintaining while creating an income and Expenditure Account. Key Features of an Income and Expenditure Account Also, the account is similar to the profit and loss account of a business institution. ![]() This account depicts the final financial status of the entity. Non-trading entities prepare an account to find their balance status whether it’s in surplus or deficit the account is known as an Income and Expenditure Account. What Is an Income and Expenditure Account? Income and Expenditure Account and Balance Sheet.xlsx ![]()
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