CBSE BOARD XII, asked by binoysinha67, 11 months ago

will government bonds come in income and expemditure accoint

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Answered by preetygirl97

Answer:

Income and Expenditure Account is prepared on an accrual basis. ... The closing balance of this account shows a surplus or deficit for the year. If the credit side exceeds the debit side, there is surplus. On the other hand, if the debit side exceeds the credit side, there is a deficit.

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