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Class 12 Tuition > Learn Accountancy > Is it possible for one hospital to have an income and...
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Is it possible for one hospital to have an income and expenditure account whereas another has a profit and loss account?

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Accounts master

It depends on the type of organisation let me illustrate with an example hospitals that are runned by state government or any NGO or trust does not profit motive hence they will prepare Income and expenditure A/C and hospitals those are opened by private companies or public companies which have profit...
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It depends on the type of organisation let me illustrate with an example hospitals that are runned by state government or any NGO or trust does not profit motive hence they will prepare Income and expenditure A/C and hospitals those are opened by private companies or public companies which have profit motive like Apollo, llelavati hospital etc will prepare profit and loss A/C bcoz thr motive is to earn profit and maximize the wealth of shareholders 

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Tutor

Income and expenditure accounts are generally prepaired by the non profit organisations. So, if the hospital is registered as a npo than the hospital can prepare an income and expenditure account.
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Intellactual Education

it depends on the nature of Hospital wheather its motive is profit earning then will prepare P & L A/C And if not The Income & Expendute basically both the Acounts are Prepared on accrual Basis Diff is only Motive I.e Profit earning or not
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Accounts Specialist

BASICALLY IT DEPENDS ON WHAT PURPOSE THE HOSPITAL HAS BEEN BUILT. IF IT HAS BEEN REGISTERED AS A SOCIETY THAT INCOME AND EXPENDITURE ACCOUNT AND ON THE OTHER SIDE, IF IT HAD BEEN REGISTERED AS A COMPANY THEN PROFIT AND LOSS ACCOUNT.
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Private Tutor

It depends upon the hospital whether it wants to maintain both either income and expenditure, or they want to maintain profit and loss a/c Bt both can be maintained
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There is no agreement regarding sharing of profits (or) partnerships salary. Rose is a whole-time partner whereas Lilly does not attend business regularly. Rose claims Rs 3,000 salary a month and 60% of balance profits Rs 24,600 Lilly advanced Rs 10,000 as loan and now she claims 10% interest. State how you will settle the accounts.
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Meaning of partnership term
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