Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 8 - No. 15)
Where would a 'surplus' from the Income and Expenditure Account be shown?
Receipts and Payments Account
Statement of Financial Position, increasing accumulated fund.
Added to the Income in next year's Income and Expenditure Account.
As a liability in the statement of financial position.
Explanation
The surplus increases the accumulated fund.
Comments (0)
