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Question
State whether the following statement is True or False with reasons.
Excess of Assets over liabilities is called Capital Fund.
Options
True
False
MCQ
One Line Answer
True or False
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Solution
Excess of Assets over liabilities is called Capital Fund. - True.
Explanation:
For ‘Not for Profit’ concerns in the Balance Sheet, when the total of Assets is more than the total of Liabilities, the amount of difference is considered ‘Capital Fund’.
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Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 112]
