Deficit

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Deficit is amount by which net income falls short of salary and interest allowances. Also an abnormal, or debit, balance in a partner's capital account.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Deficit. Amount by which net income falls short of salary and interest allowances. Also an abnormal, or debit, balance in a partner's capital account.

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