Deficit of income and expenditure
This query is : Resolved
19 September 2014
treatment of closing balance of deficit of income and expenditure account
19 September 2014
Dear Jomy,
The deficit / loss is to be carried to capital account in case of an individual, to partners' capital account in case of partnership firm and to reserve and surplus in case of company.
Thanks
The deficit / loss is to be carried to capital account in case of an individual, to partners' capital account in case of partnership firm and to reserve and surplus in case of company.
Thanks
19 September 2014
yes correctly said..........................
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