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accounting words

This query is : Resolved 
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(Querist)
18 August 2016 We always tell that "income" is nominal bt I think income is the liability of business and business is liable to return this income to his owner and therefore it should be representative personal
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Amol S Joglekar

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Amol S Joglekar (Expert)
18 August 2016 income expenditure account is Nominal
The surplus/ profit in the said account is transferred to Capital Account...(Which is a personal account.)
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