Outstanding income example sentences

This essentially involves five steps namely, adjusting the revenue receipts on the debit side to include outstanding incomes and incomes relating to the current year received earlier and to exclude amounts received in arrears or in advance; adjusting revenue payments on the credit side; identifying and showing non-cash expenses and losses on the debit side of the Income and Expenditure Account; computing and showing profits/losses from trading and/or social activities on the credit/debit side of the Income and Expenditure Account; and ascertaining the surplus or deficit as the closing balance of the Income and Expenditure Account.Non-cash expenses such as depreciation on fixed assets and outstanding incomes and expenses are shown in the latter but omitted in the former.Non-cash expenses such as depreciation on fixed assets and outstanding incomes and expenses are shown in the latter but omitted in the former.Conversion of a Receipt and Payment Account into an Income and Expenditure Account: This essentially involves five steps namely, adjusting the revenue receipts on the debit side to include outstanding incomes and incomes relating to the current year received earlier and to exclude amounts received in arrears or in advance; adjusting revenue payments on the credit side; identifying and showing non-cash expenses and losses on the debit side of the Income and Expenditure Account; computing and showing profits/losses from trading and/or social activities on the credit/debit side of the Income and Expenditure Account; and ascertaining the surplus or deficit as the closing balance of the Income and Expenditure Account.