Question

Income and expenditure account generally indicates

Answer 1

Answer:

Its left-hand (i.e. Debit) side records all revenue expenditure, while the right-hand (i.e. ... 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.