ABSTRACT
Some people keep an account called Income and Expense in their books in which they enter extraordinary items or any other things they deem proper. Others keep an account for extraordinary expenses to enter any gifts that they may give or receive. This account has both debits and credits, including what they give, receive, and keep. At the end of the period, when all pertinent accounts are closed, they transfer the balance of the account to Profit and Loss. The balance of the latter is then transferred to Capital, as will be illustrated in Chapter 32.
