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True or false with reason

Accountancy

Can you explain 6th question with reason

siva chaitanya

CA Final

★ 8K+

22-Mar-21 16:19

318

Answers (1)

Answer is false the credit balance of profit and loss statement is called profit If credit side is more than debit side it is called as surplus in income and expenditure statement. If debit side is more than credit side it is called as deficit in income and expenditure statement l