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Question
Answer in one sentence only.
To which account ‘Surplus’ or ‘Deficit’ is transferred?
One Line Answer
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Solution
‘Surplus’ or ‘Deficit’ is transferred to the Balance Sheet by adding or subtracting it from the Capital Fund.
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Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 113]
