No
|
Profit
|
Income
|
1
|
Amount Received over and above the Cost is called as profit
|
Income is a revenue arising as result of business transactions
|
2
|
Example: Goods Cost $5000 sold for
$7500 here $2500 is profit.
|
A portion of the office is Subletted for $ 1000 per month. $12000 will be an income for the year on account of rent received.
|
3
|
Profit = Selling Price – Cost Price
|
No such equation is required for income.
|
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Accountancy for Lawyer
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