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Accounting procedure for not-for-profit organisations - class-XI
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Surplus revealed by Income and expenditure account ___________.
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A
is transferred to an account called capital fund
💡 Explanation:
b'Income and expenditure account can be defined as an account that reveals surplus or deficit of a non-trading concern by matching incomes and expenses of a specified accounting period. The balance of income and expenditure account is transferred to the balance sheet. Surplus balance is added to the capital fund in balance sheet. '