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प्रश्न
What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organisation.
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उत्तर
Income and Expenditure Account is prepared on Accrual Basis of Accounting. As per this basis, all incomes and expenses related to the current year (whether received/paid or not) of revenue nature are recorded in the Income and Expenditure Account.
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