The closing balance of this account shows surplus/deficit ______.

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The closing balance of this account shows surplus/deficit income & Expenditure Account. Explanation: Non-profit clubs and societies utilise the Income & Expenditure account to track income and expenses. During a set length of time, usually a financial year. This account’s ending balance shows whether there is a surplus (if income exceeds expenditure) or a deficit (if expenditure exceeds income) for the given time.

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