Page 66 - MAZOO EBOOK 1_Neat

year. All cash and bank transactions, taken from the cash book are shown under suitable

headings and titles, such as subscriptions, salaries, rent, electricity charges etc. (h66)

Income and expenditure account

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. It is prepared as a

portion of final accounts of non-trading entities and is equal to the profit and loss account

outlined by for-profit business entities.

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