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Accounts of ‘Not for Profit’ Concerns — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyAccounts of ‘Not for Profit’ Concerns1 Mark
Question
Why Income and Expenditure Account is prepared?
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Answer

Income and Expenditure Account is prepared to ascertain, whether the concern has sufficient income to meet its expenses, or not.

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