accounting words
This query is : Resolved
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
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.)
Now tell me, what is your query?
The surplus/ profit in the said account is transferred to Capital Account...(Which is a personal account.)
Now tell me, what is your query?
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