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प्रश्न
The closing balance of this Account shows surplus or deficit for the year.
पर्याय
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
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उत्तर
Income and Expenditure Account
Explanation:
The closing balance of this Account shows surplus or deficit for the year. If the credit side exceeds the debit side, there is surplus. On the other hand, if the debit side exceeds the credit side, there is deficit.
APPEARS IN
संबंधित प्रश्न
Income and expenditure contain only ______ items.
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.
This account is equivalent to the Profit and Loss Account of a business concern.
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'.
Explain the term surplus in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
Distinguish between Receipt and Income.
