The equivalent of income and expenditure account in a trading concern is
Trading account
Profit and loss account
Appropriation account
Balance sheet
Correct answer is B
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Its equivalent is the profit and loss account .
An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.