Accountancy, asked by reunionfirst0708, 8 months ago

Income and expenditure account shown deficit in case of​

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Answered by iamvanshika53
2

Answer:

It is similar to the capital account in case of profit-making entities. Any surplus/ deficit shown by the Income and Expenditure Account will be added/ deducted from the opening capital and the net capital fund will be shown on the Liabilities side.

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