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प्रश्न
Explain the term surplus in Income and Expenditure Account.
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उत्तर
- Surplus in the structure of an Income and Expenditure Account refers to the excess of income over expenditure for a given accounting period.
- A non-trading organization, such as a non-profit or a club, generates more revenue than it spends on operations and activities, resulting in a surplus.
- The surplus is added to the organization's capital fund and represents a positive financial performance over the term.
संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
______ depicts the Capital fund of the organization.
The closing balance of this account shows surplus/deficit ______.
How will Income and Expenditure account benefit a non-trading sports organisation?
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
Why and by whom is an Income and Expenditure Account prepared?
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
