How to Prepare Income and Expenditure Account. Income and expenditure account is prepared in non profit organisation whose aim is not to earn money for personal benefits but they distribute the profit for welfare activities. So, for showing the organisation different from for- profit organisation, they prepare income and expenditure account. It is prepared just like preparing of profit and loss account. In the debit side, we show all the expenses whether they has been paid or not. In the credit side, we show all the incomes whether they have been received or not.

One thing, we should remember that we will show only the expenses and incomes which are not the capital nature. Now, you should learn its following steps.

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Step: Get the Raw Data Income and expenditure account is made on the basis of raw data which we get from trial balance. All revenue nature expenses and incomes are added in the income statement.

In case, if we did not make the trial balance, we can make income and expenditure account on the basis of receipt and payment account. For charging the depreciation, you need opening balance of fixed asset which you can find from opening balance sheet. Now, we tell you what you have to take from receipt and payment account. Step: Show the Expenses and Incomes from Receipt and Payment Account Now, we have explaining, how you can convert the payments and receipts of receipt and payment account into the incomes and expenses of income and expenditure account. Credit side of receipt and payment will be payment side.

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In this side, you have to leave capital nature expenses and closing balance. All other expenses payments will go to the debit side of income and expenditure account. Nabari No Ou Sub Ita Download Music. Remember : i) Please see the adjustment notes, if there are any advance expense, you have to deduct it from particular paid expense because, we did not show the expense which we have paid in advance but still, we did not take its service. In this side, you have to leave capital nature incomes and opening balance. All other income receipt will go to the credit side of income and expenditure account. Remember : i) Please see the adjustment notes, if there are any advance incomes, you have to deduct it from particular receipt incomes because, we did not show the income in I/E Account which we have received in advance but still, we did not give its service. If there is any income which is which is receivable but still did not receive, will be added in the particular received income.

As per fund based accounting, we will treat it in that particular fund. For example, we have rule of 1. For example, you have to show depreciation of fixed assets in the debit side of income and expenditure account. You may show bad debt if there is any in the debit side of I/E account. Step : Find the Balance of I/E Account Compare debit and credit side of income and expenditure account. If credit side is more than debit side, it will be surplus over expenses.

If debit side will more than credit side, it will be deficit. Example : Following is given the receipt and payment account and adjustment.

You have to make income and expenditure account. The car is bought at the end of year. So, there is no question of depreciation. We did not charge depreciation on freehold land. Related : Profit and Loss Account.