Question No 01 Chapter No 17

Question No 01 Chapter No 17

01. Classify the following expenses into capital or revenue:

  1. A property dealer purchased 3 flats for Rs 9,00,000
  2. Compensation paid to customers for defective goods supplied Rs 18,000
  3. Rs 2,500 spent on machinery for repair necessitated by negligence of the workman
  4. Legal expenses incurred Rs 12,000 to retain the title of building purchased for business in litigation with third party
  5. Rs 2,600 spent for transportation on the purchase of machinery.

 

The solution of Question No 01 Chapter No 17:-

 
S.NO Transaction
CapitalRevenue
     
(i)A property dealer purchased 3 flats for Rs 9,00,000  Revenue
     
(ii)Compensation paid to customers for defective goods supplied Rs 18,000  Revenue
     
(iii)Rs 2,500 spent on machinery for repair necessitated by the negligence of the workman  Revenue
     
(iv)Legal expenses incurred Rs 12,000 to retain the title of building purchased for business in litigation with the third party Capital 
     
(v)Rs 2,600 spent for transportation on the purchase of machinery. Capital 
    

 

Final Accounts: Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

Chapter No. 18 – Financial Statements – (With Adjustments)

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