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
Answer (1)
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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