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In the not-for-profit-making organization, the excess of income over expenditure is?

Accounts - Principles of Accounts
JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

  • A. deducted from the capital
  • B. added to the accumulated fund
  • C. added to the capital
  • D. deducted from the the accumulated fund
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Correct Answer: Option C
Explanation

Surplus is the excess of income over expenditure. A credit balance in the Income and expenditure account shows surplus. It is the profit earned and should be added to the capital fund on the liabilities side of the balance sheet

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