Maharashtra State BoardHSC Commerce 12th Board Exam
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Answer in one sentence only. What is Surplus? - Book Keeping and Accountancy

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One Line Answer

Answer in one sentence only.

What is Surplus?

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Solution 1

Excess of income over expenditure in case of not for profit concern is known as surplus.

Solution 2

Excess of income over expenditure shown by Income and Expenditure Account represents Surplus for the financial year.

Concept: Income and Expenditure Account
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APPEARS IN

Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 2 Accounts of ‘Not for Profit’ Concerns
Exercise 2 (Objective Type Questions) | Q 1. E) 8. | Page 113
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