State with reasons whether the following statements are TRUE or FALSE: The balancing figure on credit side of Income and Expenditure Account denotes excess of expenses over incomes.

State with reasons whether the following statements are TRUE or FALSE:

1.	State with reasons whether the following statements are TRUE or FALSE: The balancing figure on credit side of Income and Expenditure Account denotes excess of expenses over incomes.
Answer» Correct Answer - TRUE

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State with reasons whether the following statements are TRUE or FALSE: The balancing figure on credit side of Income and Expenditure Account denotes excess of expenses over incomes.

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