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
Correct Answer:
Solution : Surplus is the balancing figure of Income and Expenditure Account which is having a debit balance. Hence, the correct option is 3.
An account akin to Profit and Loss Account in
General donations are treated as:
Receipts and Payments Account does not include
Entrance fees of a club, if it is a non-recurring
Sale of used sports material for Rs.500 by a cricket
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile