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Accounts of ‘Not for Profit’ Concerns — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyAccounts of ‘Not for Profit’ Concerns1 Mark
Question
What is Surplus?
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Answer

Excess of income over expenditure shown by Income and Expenditure Account represents Surplus for the financial year.

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