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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


Team Careers360 6th Jan, 2024
Answer (1)
Team Careers360 8th Jan, 2024

Correct Answer:

Deficit incurred


Solution : A credit balance of Income and Expenditure Account for the year indicates deficit incurred. Hence, the correct option is 2.

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