Question :
Which of the following show the debit balance of Income and Expenditure Account?
Option 1:
Capital fund
Option 2:
Closing balance cash in hand and bank
Option 3:
Excess of income over expenditure
Option 4: Excess of expenditure over income
Answer (1)
5th Jan, 2024
Correct Answer:
Excess of income over expenditure
Solution : Surplus is the balancing figure of Income and Expenditure Account which is having a debit balance. Hence, the correct option is 3.
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