EXPLAIN THE TERMS SURPLUS AND DEFICIT INCOME and expenditure account.
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EXPLAIN THE TERMS SURPLUS AND DEFICIT INCOME and expenditure account
EXPLAIN THE TERMS SURPLUS AND DEFICIT INCOME and expenditure account.
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Surplus or deficit balance
If revenues of a non-trading concern exceed its expenditures during the year, the income and expenditure account shows a surplus balance; and if, on the other hand, the expenditures exceed income, the account shows a deficit balance.