Many of the students in higher education level do not have a source of income like me and have daily, monthly and quarterly expenses of amount they get from their family, sponsors or scholarships. I have not kept the record of recording expenses and comparing them monthly as I thought I would do it when I start to have to source of income. Now, I'm thinking of starting to keep the record of expenses would it help me in now in someway?
Yes, tracking your expenses can be very useful even if you don't have a source of income. I don't know about a "personal income and expenditure statement" but for certain, a list of what you spend on - rent, food, transportation, entertainment, and so on - is highly useful.
Knowing what you spend now will let you accurately estimate what you would like family or some other sponsor to provide so that you can live the lifestyle to which you've become accustomed. It can let you know whether it's feasible to add an expense, such as a bus pass or a gym membership, to your current lifestyle. It can let you estimate what salary you would need to live in a similar way after graduating when you might need to pay market rent instead of residence fees or a rent payment shared with room-mates.
Many students don't bother to do such a thing because they just spend until they run out of money and then either ask family for more or stop spending until the next round of money arrives. If you track what you're doing, you'll have more information and that generally leads to more control and more happiness. So go ahead!