Maharashtra State BoardHSC Commerce 12th Board Exam
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Income and Expenditure Account

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  • Meaning
  • Features of Income and Expenditure Account
  • Specimen of Income and Expenditure Account
  • Distinction between Receipts and Payments Account and Income and Expenditure Account
  • Preparation of Income and Expenditure Account
  • Preparation of Balance Sheet
  • Implied Adjustments
  • Capital Fund
  • Specimen of Balance Sheet
  • Additional Information
  1. Outstanding and Prepaid Expenses.
  2. Accrued Income and Income Received in advance.
  3. Subscription received in advance and outstanding subscription
  4. Depreciation
  5. Capitalisation of Entrance fees
  6. Creation of special Funds out of donations
  7. Stock of Stationery,
  8.  Opening Balance of assets and liabilities.
  • Important Terms
  1. Entrances fees
  2. Subscription
  3. Legacy
  4. Life membership fees
  5. Sale of old assets scrap Newspapers
  6. Specific Donations
  7. General Donations
  8. Specific Funds
  9. Endowment Funds
  • Steps in preparation of income and expenditure account from receipts and payments account 
  • Format of Income and Expenditure Account
  • Treatment of revenue receipts 
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