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Question No 02 Chapter No 17
02.Which of the following expenses are capital or revenue? Also state reasons
| S.NO | Transaction |
Capital | Revenue | |
|---|---|---|---|---|
| (i) | Expenses incurred on a foreign tour for purchasing a new machinery Rs 50,000 | Capital | ||
| (ii) | Rs 1,500 paid for the removal of stock to a new site | Revenue | ||
| (iii) | Custom duty paid Rs 14,500 on import of a machinery | Capital | ||
| (iv) | Gagan Cinema owners spent Rs 12,000 for machinery two more exits in the cinema hall as per legal requirement | Revenue | ||
| (v) | Rs 28,000 spent to reduce working expenses | Capital | ||
| (vi) | Rs 7,500 spent on repainting the office building | Revenue | ||
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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