Chapter: Accounts of 'Not for Profit' Concerns· Book-Keeping & Accountancy

Write a word / term / phrase which can substitute the statement: The debit balance of Income and Expenditure Account.

Q.1 (D) (5) Write a word / term / phrase which can substitute the statement: The debit balance of Income and Expenditure Account.

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Answer: Deficit

When expenditure is more than income, Income and Expenditure Account shows a debit balance, called deficit (excess of expenditure over income). It is deducted from the Capital Fund.

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Write a word / term / phrase which can substitute the statement: The debit balance of Income and Expenditure Account.

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