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Preparing Financial Statements of NPO-I

An account ha...

Question

An account has a credit balance,if the total of credit side is greater than the total debit side.

A

True

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B

False

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Solution

The correct option is A True
When the credit side of ledger account exceeds the debit side, then the balancing figure is termed as credit balance. All Liabilities, Incomes, and gains and Capital show credit balance.

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