Question :
A credit balance of Income and Expenditure for the year shows:
Option 1:
Surplus earned
Option 2:
Deficit incurred
Option 3: Capital fund
Option 4: None of these
Correct Answer:
Solution : A credit balance of Income and Expenditure Account for the year indicates deficit incurred. Hence, the correct option is 2.
General donations are treated as:
Receipts and Payments Account does not include
Which of the following will appear on the asset
An account akin to Profit and Loss Account in
Which of the following is not a feature of a
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