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Accounting for non-trading organisations - class-XII
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Income and Expenditure account is ______ to account like Profit and Loss account.
AnswerClick to flip back
A
nominal
💡 Explanation:
Income and Expenditure account is prepared by non-trading concern to reveal the surplus or deficit arising out of the operating activities during the accounting period. It is one of the final accounts of non-trading concern like the profit and loss account of the trading concern,