Question : An Income and Expenditure Account reveals:
Option 1: Surplus/Deficit
Option 2: Cash in hand/Bank
Option 3: Net profit/loss
Option 4: Capital fund
Correct Answer: Surplus/Deficit
Solution : Debit side of the Income and Expenditure Account shows the surplus and credit side of the Income and Expenditure Account shows deficit. Hence, the correct option is 1.
Question :
The surplus generated by a not-for-profit
Question : Profit and Loss Appropriation Account is prepared to
As all other business concerns be its sole
Which of the following will not appear on the asset
A credit balance of Income and Expenditure for
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