Excess of expenditure over income is known as

+2 votes

asked Nov 29, 2018 in Class 12 by kratos

(a) Profit

(b) Loss

(c) Deficit

(d) Surplus

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+6 votes

answered Sep 19, 2020 by kratos

Best answer

Excess of expenditure over income is known as Deficit

P, Q and R were partners in a firm. Their Balance sheet as at 31st March, 2017 was as follows :
P, Q and R were partners in a firm sharing profits in the ratio 3:2:1. Their balance sheet on 31-12-2016 was as follows :
Following is the balance sheet of A, B and C as at 31st March, 2017, who have agreed to share
The Balance sheet of A, B and C who were sharing profits in proportion of their capital, stood as follows on 31st March, 2017 :
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