Commercial Applications
If the total of …………… side is greater than the total of …………… side, it is called 'surplus' or 'excess of income over expenditure'.
- Debit, credit
- Credit, debit
- Credit, credit
- Debit, debit
Accounting
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Answer
Credit, debit
Reason — In Income and Expenditure Account, incomes are shown on the credit side and expenses are shown on the debit side. If the total of the credit side (income) is greater than the total of the debit side (expenditure), the difference is called 'surplus' or 'excess of income over expenditure'. Conversely, if debit total exceeds credit total, it is called 'deficit'.
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