The credit balance of income and expenditure account
Asked by admin @ in Accountancy viewed by 489 People
The credit balance of an income and expenditure account indicates Deficit
Asked by admin @ in Accountancy viewed by 489 People
The credit balance of an income and expenditure account indicates Deficit
Answered by admin @
Answer:
Definition and Explanation:
The balance of the account, if credit, indicates surplus, i.e. excess of income over expenditure. Conversely, the balance of the account, if debit, indicates deficit, i.e. excess of expenditure over income.
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