CA Foundation doubt
Do we dr cost of goods sold in income and expenditure account? In NPO
Asked by Kashvi25 May 2024390 views
7 answers
Sahil · 25 May 2024
No but profit and loss comes in i&e ac
Shambhavi · 25 May 2024
Income & expenditure A/C is prepared only for "not for profit/charitable" organizations. These organizations don't deal in goods, hence u won't find cost of goods sold in any NPO problems.
Gulshan · 25 May 2024
Income
Kashvi · 25 May 2024
Do u want pic of it ??
Kashvi · 25 May 2024
But we r writing in ques no 1 of practical ques
Sam · 25 May 2024
Nope we don't . It is a part of trading account. Income and expenditure is similar to profit and loss account
Shiv · 25 May 2024
It will be considered as income
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