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प्रश्न
Explain the term surplus in Income and Expenditure Account.
उत्तर
- Surplus in the structure of an Income and Expenditure Account refers to the excess of income over expenditure for a given accounting period.
- A non-trading organization, such as a non-profit or a club, generates more revenue than it spends on operations and activities, resulting in a surplus.
- The surplus is added to the organization's capital fund and represents a positive financial performance over the term.
संबंधित प्रश्न
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
______ depicts the Capital fund of the organization.
Give any two uses of Income and Expenditure Account.
How will Income and Expenditure account benefit a non-trading sports organisation?
How is Receipts & Payments Account different from Income & Expenditure Account?
It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.
Explain the term deficit in Income and Expenditure Account.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
