Question No 07 Chapter No 17
07. The following are a few transactions of Sugar Mill Company:-
- Acquired 500 Bighas of land for an agriculture farm at an annul rent of Rs 25,000 and paid Rs 2,000 per Bigha as Lease Premium.
- Spent 5 Lac. In purchasing animals and implement for the farm.
- Cost of pucca water drains constructed on the land Rs 50,000
- Two bullocks costing Rs 80,000 were killed by lightening
- Canal irrigation charges paid to Government Rs 10,000
- Besides sugarcane, other crops valued Rs 25,000 were produced and sold.
State with reasons whether these items are capital or Revenue.
The solution of Question No 07 Chapter No 17: –
|i||Annul rent is revenue Expenditure and Lease premium is capital Expenditure|
|iv||Loss is the capital Loss|
Also, Check out the solved question of all Chapters: –
D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
- Chapter 1 Evolution of Accounting & Basic Accounting Terms
- Chapter 2 Accounting Equations
- Chapter 3 Meaning and Objectives of Accounting
- Chapter 4 Double Entry System
- Chapter 5 Books of Original Entry – Journal
- Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
- Chapter 7 Books of Original Entry – Cash Book (Coming soon)
- Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
- Chapter 9 Ledger (Coming soon)
- Chapter 10 Trial Balance and Errors (Coming soon)
- Chapter 11 Bank Reconciliation Statement (Coming soon)
- Chapter 12 Depreciation (Coming soon)
- Chapter 13 Bills of Exchange (Coming soon)
- Chapter 14 Generally Accepted Accounting Principles(GAAP)
- Chapter 15 Bases of Accounting
- Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
- Chapter 17 Capital and Revenue
- Chapter 18 Provisions and Reserves
- Chapter 19 Final Accounts (Coming soon)
- Chapter 20 Final Accounts – With Adjustments (Coming soon)
- Chapter 21 Errors and their Rectification (Coming soon)
- Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
- Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
- Chapter 24 Computerised Accounting System (Coming soon)
- Chapter 25 Introduction to Accounting Information System (Coming soon)
Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.