(2) Aurangabad University prepares _____ Account instead of Profit and Loss Account. fill in the blanks​

Answers 2

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We need to fill the blank in the sentence given which is Aurangabad University prepares what account instead of Profit and Loss account

  • A Profit and Loss Account is usually prepared by concerns to maintain the profit and loss of the concern
  • In the case of Non-Profit organizations, there is no profit or loss
  • So the Profit and Loss Account cannot be prepared in the case of Non-Profit organizations
  • So in the case of Non-Profit organizations, an account is prepared which is called an income and expenditure account
  • In this account, all the incomes and expenditures will be maintained
  • So the gap can be filled with Income and Expenditure Account
  • The sentence then becomes Aurangabad University prepares Income and Expenditure Account

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