capital and revenue expenditure and receipts questions

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Capital Expenditures and Revenue Expenditures; The following sources are the generators of the capital receipt: Additional capital and mentioned assets introduced by the owner or the possessor; Debentures and the other issues of debt instruments; Loans borrowed from a bank or from a financial institution. Rs. 5,60,000 and incurred Rs. It, that repairs to motor vehicles, (c) pension paid to retired government employees. Furniture repairs, $500, have been posted in error to the furniture account. Take your school as an example. Explain the definitions of Capital Expenditure, Revenue Expenditure, Capital Receipts and Revenue Receipts with suitable examples taken from the surrounding environment. So don't neglect practicing multiple choice questions. 60,000 as his salary during the period of construction and he devoted 2/3rd of his time for the building construction. 14.David’s This can be a payment is cash or can also be the exchange of some valuable item in exchange for goods or services. The solved questions answers in this Test: Capital And Revenue Expenditures And Receipts - 1 quiz give you a good mix of easy questions and tough questions. Capital Expenditure attempts to improve the earning capacity of the entity. The following Capital and Revenue Receipts worksheet -2 covers all the aspects of Capital and Revenue Expenditure and Receipts. Cartage and Freight − If those are incurred to bring Fixed Assets. Business receipts are inflow of economic resources mostly in the form of cash and cash equivalents. for example, when a fixed asset is sold for $22,000 and its cost is $20,000. He paid Rs. Amount spent on increasing the seating capacity in a cinema hall is: Heavy advertisement expenditure should be treated as : Expenditure incurred of Rs. Whitewash expenses = 5000 Expenses incurred to repair the office furniture were debited to office furniture account. Revenue Receipt. The purchase of office furniture was wrongly recorded as repairs to furniture. 2,99,000. Plus, capital expenditures will show up differently on your reporting metrics. 16. Q: Tax receipts are examples of revenue expenses or capital expense in nature? Q.6 Revenue Expenditure wrongly recorded as Capital Expenditure will result in: Overstatement of net profit and understatement of assets: Overstatement of net profit and overstatement of assets The capitalized cost of office building was: Capital expenditure provide ………………….benefit: Amount received from IDBI as a medium term loan for augmenting working capital is, Rs. expenditure: (a) salary paid to army officer (b)loan given to union territories. 18. Take a quick Multiple Choice Questions (MCQs) test about Capital and revenue expenditures.These MCQs can help you to prepare for your exams, interviews and different tests. Receipts and invoices keep the records of expenditures. What       effect will this have on his accounting books? Click here to Login/Sign Up. Capital Expenditures and Revenue Expenditures. cost of office equipment was debited to If you need a refresher course on this topic take a look at our capital and revenue expenditure tutorial or our basics of bookkeeping tutorials for further information. Capital expenditure is the expenditure that a business incurs on the purchase, alteration or the improvement of fixed assets. Cost of improvement in electric wiring system = 19000 25,000, whitewash expenses are Rs. Freight paid on purchase of plant and machinery, Legal expenses paid to acquire a property, Annual white wash of the factory building, Expenses incurred to reduce working capital requirement. These expenditures are met out of capital receipts of the government including capital … answer: (a) salary paid to army office The receipts of business are of two kinds:-. 20,000 for trial run of a newly installed machinery would be: This mock test of Test: Capital And Revenue Expenditures And Receipts - 1 for CA Foundation helps you for every CA Foundation entrance exam. Reply. 2500, spent on the overhauling on purchase of second hand machinery: Brokerage on the issue of shares and debentures is a _______expenditure : A second hand car is purchased for Rs. 20. Example 1. CAPITAL AND REVENUE 1.1 TOPIC 1. 500 is incurred to get the car registered in owner’s name and Rs. What is the effect of this error? Which of the following are revenue expenditure for an office equipment dealer? Before we explore this part of accounting study material at Accounting-Daddy.com, let’s examine what Cambridge wants us to learn under this title at secondary education level: 500 paid as wages for erection of machinery? Revenue transactions are transactions that have a short-term effect on the business. 13. income statement showed a loss for the year of $3500. Mr. A, a supervisor was paid Rs. Reply. A brief explanation of both the types is given below: Capital receipts Capital receipts are business receipts which are not related to […] Ramamohan . 50,000 towards construction of temporary store and used the store for building construction purpose. Click here to attempt Accounting-Daddy's Interactive MCQ Quiz. On the other hand, sale of stock, commission received and interest on investment received are examples of revenue receipts. 5,000, cost of extension of building is Rs. 19. Receipts are the amounts actually received. On the contrary, revenue expenditure aims at maintaining the earning capacity of the company. The income statement will show a more gross profit for the year, The Income statement will show a lower profit for the year. What is the effect of the error? Unlike revenue expenditure, which is … The question are almost basic level. Ratio and Proportion, Indices, Logarithms (Part - 1), Test: Nature & Significance Of Management - 1, Test: Basic Concepts Of Permutations And Combinations- 1, Test: Capital And Revenue Expenditures And Receipts - 1, Test: Capital And Revenue Expenditures And Receipts - 2, Test: Capital And Revenue Expenditures And Receipts - 3, Test: Human Capital Formation In India - 1. Buy a car is capital expenditure because its benefit to the business will be spread over a long time. How would this affect the profit for the year and the non-current assets? Financial Accounting for SHS 1 Capital and revenue expenditure and receipts past questions: theory Previous Lesson Back to Course Next Lesson Various insurance Claims. It leads to an overall increase in the total revenue of the company.These funds are generated from a firm’s operating activities hence they are shown inside trading and profit and loss account and not in a balance sheet.. 1,500 for petrol. 27. But the basic difference is capital expenditures are the long-term acquisition of fixed assets. Reply. Capital expenditure is not matched with the capital receipts. On completion of building construction the store was dismantled and the materials were sold for Rs. How this error affects Total expenses = a. Dear User, Kindly login/register to view answer & explanation of each question. Than revenue receipts for capital expenditure receipts questions and bank or not support any transaction be shown as the account. Eg. Online Quiz in Rectification of Errors in Fundamentals of Accounting for preparation of professional exams of ca cpt,ca foundation,cs foundation,cma foundation 25,000 for repairs, etc. 10,000 the amount of Rs. This mock test of Test: Capital And Revenue Expenditures And Receipts - 2 for CA Foundation helps you for every CA Foundation entrance exam. Just click the “start quiz” button and start Capital and revenue expenditure MCQs quiz. Expenses in connection with obtaining a licence for running the Cinema is Capital expenditure : Heavy advertisement expenses to introduce a new product is deferred revenue expenditure Capital and revenue items. Medium term loan obtained from bank for augmenting working capital is: Amount spent on unsuccessful patent right is a : Revenue Expenditure (Even though the amount is large), Deferred Revenue Expenditure (If the amount is large). Click here to practice Question No-1 to 10. 10,000 and Rs. An item of revenue expenditure has been incorrectly treated as capital expenditure. giving reasons identify the following as revenue expenditure or capital. Usually, the effect of these transactions is only for a period of one year. It means that the effect of these transactions extends to a period of more than one year. $600, had been debited to motor vehicles. (B) Repayment of loan is also capital expenditure because it reduces liability. 30,000 spent on traveling expenses of the company’s director’s to a foreign trip for purchase of an asset to be used in the production process. CA Foundation (a) Capital expenditures (b) Revenue expenditures (c) Capital receipt (d) Revenue receipt 20. Revenue receipts are funds received by a business as a result of its core business activities. Capital expenditures vs. revenue expenditures. (a) Capital receipt (b) Revenue receipt (c) Capital expenditures (d) Revenue expenditures 19. Fuel cost for running this care is revenue expenditure and it will be used up in few days and does not add to the value of the fixed asset. An item of revenue expenditure has been incorrectly treated as capital expenditure. EduRev is a knowledge-sharing community that depends on everyone being able to pitch in when they know something. Revenue expenditure is expenditure which is incurred for the purpose of the trade of the business or in order to repair, enhance or maintain non-current assets. Expenses incurred to repair the office furniture were debited to office furniture account. 2,500 spent on the overhaul of machines purchased second-hand is. Remember Multiple choice questions are having good weightage in the … Capital receipts The receipts which create corresponding liability for the government or lead to reduction in assets of the government are termed as capital receipts, e.g. 12. (d) interest paid on national debt. 2,500 spent on the overhaul of machines purchased second-hand. 1,200 is paid as dealer’s commission. This Capital and Revenue Receipts worksheet has been prepared based on CIE past papers and CIE syllabus for O levels & AS levels. Practice following Capital and Revenue Expenditure Multiple choice questions. Revenue Expenditure wrongly recorded as Capital Expenditure will result in: Overstatement of net profit and understatement of assets, Overstatement of net profit and overstatement of assets, Understatement of net profit and overstatement of assets, Understatement of net profit and understatement of assets. © 2017-2021 Accounting-Daddy.Com, All rights reserved, more Capital and Revenue Expenditure Multiple choice questionsÂ, Control Accounts Multiple Choice Questions, purchase of delivery vehicle for sales department. Online Quiz in Rectification of Errors in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA Amount of Rs.5,000 spent as lawyers fee to defend a suit claiming that the firm factory site belonged to the plaintiff land is. Click here to Login/Sign Up. What is the effect of this error? What is the effect of this error? A retail trader treated a capital expenditure item as revenue expenditure. Ans: There are many differences between revenue and capital nature of expenditure. i. $600, had been debited to motor vehicles. 2,50,000 and cost of improvement in electrical wiring system is Rs. In accounting and finance, they can be divided into two types – capital receipts and revenue receipts. This type of expenditure adds to the capital stock of the economy and raises its capacity to produce more in future. the capital receipts $22,000 is not credited to profit and loss account. Following are the list of important revenue expenditures, but under certain circumstances, they are treated as a capital expenditure − Raw Material and Consumables − If those are used in making any fixed assets. Machinery was purchased for Rs. What was the actual loss for the year? Buildings were depreciated at 5% per annum on balance of the account at the year end. It’s not enough to say that capital expenditures are everything that revenue expenditures aren’t. Click here to check your Answers for Capital and Revenue Expenditure Multiple choice questions. cost of extension building = 250000 Difference between Capital and Revenue expenditure. This contains 30 Multiple Choice Questions for CA Foundation Test: Capital And Revenue Expenditures And Receipts - 2 (mcq) to study with solutions a complete question … Capital receipts. profit for the year and non-current assets? (e) repayment of loan is taken from world bank. Which of the following is a revenue expenditure ? Click here to attempt some more Capital and Revenue Expenditure Multiple choice questions (External source), Control Accounts Multiple Choice Questions for IGCSE, GCE O Level and AS Level Exams. Capital and Revenue Expenditures and Receipts. B . The Going Concern Assumption allows the accountant to classify the expenditure as Capital Expenditures and Revenue Expenditures, capital receipts and capital revenues. It was later discovered that repairs to motor vehicles, Gautham. Deferred Revenue Expenditure is revenue expenditure, incurred to receive benefits over a number of years say 3 or 5 years. Capital expenditure may include the following expenditures:- Expenditure incurred on the acquisition of fixed assets , (tangible or intangible) which are related to the business for the purpose of earning profit and not for resale such as land and building, plant and machinery, furniture & fixture, goodwill , patent rights and copyrights etc. the profit for the year and non-current assets? You may click the link to find Multiple choice questions (Q.No-1 to 10) on Capital and Revenue Receipts and Payments.. These expenses are neither incurred to acquire capital assets nor the benefits of such expenditure is received in the same accounting period during which they were paid. Revenue receipts will be credited to profit and loss account and on the other hand capital receipts will affect the Balance-sheet. Welcome to “Capital and Revenue Expenditure and Receipts” topic. Nice. It is the process of causing a liability by a commodity. The account that should be debited is : If repair cost is Rs. How would this affect the profit for the year and the non-current assets? the purchases account in error. While revenue expenses are short-term expenses that are for specific operating periods. Remember Multiple choice questions are having good weightage in the total marks of Cambridge Examinations. Assets and Liabilities totals will not balance in the statement of financial position. In this video tutorial, find how to distinguish capital and revenue expenditure with calculations. Capital receipts; Revenue receipts; Capital receipts Explanation: Capital receipts include the following: Receipts from the sale of fixed assets of a business. Capital and Revenue Expenditure and Receipts. What is the effect of this error on the income statement and statement of financial position? Q.5 Which of the following statement is false? X limited spent Rs. ; Payments into the business made either by Proprietor of business or by shareholders of a company to start a business or to increase the capital. Amount received from IDBI as a medium term loan for augmenting working capital. Reasoning:Such damages are incurred in the ordinary course of business : Both the statements are correct and second is a correct explanation of the first, Both the statements are correct but second is not a correct but second is not a correct explanation of the first, First statement is correct but second is not, First statement is not correct but second is correct, Insurance claim received on account of machinery damaged completely by fire is, Entrance fee of Rs.2,000 received by Ram and Shyam Social club is. long questions & short questions for CA Foundation on EduRev as well by searching above. 19,000; the amount to be expensed is, Repair cost = 25000 The questions are almost basic level, feels to have more standard questions….. anyway its good to have…Thanks you. If the loss had been caused during the business hours it would have been a revenue loss because it is incidental to the business. students definitely take this Test: Capital And Revenue Expenditures And Receipts - 1 exercise for a better result in the exam. This contains 30 Multiple Choice Questions for CA Foundation Test: Capital And Revenue Expenditures And Receipts - 1 (mcq) to study with solutions a complete question bank. Question: Capital receipts are not directly credited to profit and loss account. Dec 22,2020 - Test: Capital And Revenue Expenditures And Receipts - 1 | 30 Questions MCQ Test has questions of CA Foundation preparation. Loss caused by theft of cash by cashier after business hours is a : Loss of cash due to theft committed either by the employees or by the outsiders, after business hours, is a capital loss because the loss is outside the trade and not incidental to the business. Purchases Ledger Control Account: Format, Uses and Source of information for the items in the control account. Issue of Shares; So, basically, capital receipts are those that are the … ... Add - Direct Expenses (if available in the question) Nil Total Cost 595000 Less - Cost of Goods Sold (Cost of Sales) (COGS) (364000) Value of Closing Stock 231000 . This distinction between capital and revenue nature of the items is necessary in order to find out the correct profit or loss during the year and also to ascertain the true and fair position of the business. The An expense is a word very similar to expenditure but expense shows the deduction in the value of the asset while expenditure simply denotes the obtaining of as… Building repairs, $3500, were debited to the Buildings account. An amount of Rs. What is the effect of the error? Building repairs, $3500, were debited to the Buildings account. Explain school property and computers in the ICT lab as Capital expenditure. Comparison to capital and revenue expenditure receipts questions are now returned back are part of expenditure. Expenditure means spending on something. What was the. You can find other Test: Capital And Revenue Expenditures And Receipts - 1 extra questions, Assertion: Damages paid on account of breach of contract to supply certain goods is a capital expenditure. This is a: Which of the following Expenses will not be included in the acquisition of plant? Multiple choice questions (MCQs) Chhavi sharma . Revenue Expenditure Treated as Capital Expenditure. The total payment of $9050 was debited in the office equipment (computer) account. © 2017-2021 Accounting-Daddy.Com, All rights reserved  l  Privacy Policy  l  Disclaimer  l  Contact Us  l KaaruKamani, David’s income statement showed a loss for the year of $3500. CAPITAL AND REVENUE EXPENDITURES AND RECEIPTS . What amount should be debited to Car A/c? This test is Rated positive by 87% students preparing for CA Foundation.This MCQ test is related to CA Foundation syllabus, prepared by CA Foundation teachers. They break down differently, depending on the size of the payment and the time across which it needs to be paid for. 11. 20,000. 10,00,000 towards construction of office building. Syed alfaz . Practice following Capital and Revenue Expenditure Multiple choice questions. The following examples and explanation helps you to c alculate and comment on the effect on profit for the year and asset valuation of the incorrect treatment of capital and revenue expenditure and capital and revenue receipts. By continuing, I agree that I am at least 13 years old and have read and agree to the. Capital transactions are transactions that have a long-term effect on the business. disinvestment of PSUs. 15. I think it is better to go through this MCQ’s. 1,000 is spent on its repairs, Rs. You may click the link to find Multiple choice questions (Q.No-1 to 10) on Capital and Revenue Receipts and Payments. Give meanings of revenue receipts and capital expenditures with one example for each. ‘A’ purchased a Car on 1.06.2010 for Rs. The price included $50 for cartridge refill. What is the effect on the financial statements? Sale of fixed assets, capital employed or invested and loans are example of capital receipts. Dear User, Kindly login/register to view answer & explanation of each question. A Computer system cost $9050. 10,000 as insurance, Rs. It also spent Rs. Buildings were depreciated at 5% per annum on balance of the account at the year end. For example, the purchase of furniture for offic… The amount debited to car account will be. 17. Incorrect treatment of Capital and Revenue Expenditure and Receipts effects the profit for the year and values in the Statement of Financial Position. The capital receipts will affect the profit for the year, the effect of this error affects profit. To check your Answers for capital expenditure attempts to improve the earning capacity the! That depends on everyone being able to pitch in when they know something User Kindly. Between capital and revenue receipts and Payments based on CIE past papers CIE! As the account that should be debited is: If repair cost is Rs been prepared based on past... What effect will this have on his accounting books Buildings account for specific operating periods overhaul of machines second-hand... Edurev is a knowledge-sharing community that depends on everyone being able to pitch in when they know.! ) repayment of loan is taken from world bank expenditure with calculations capital and revenue expenditure and receipts questions items the... Incurred to get the car registered in owner ’ s factory site belonged to the furniture account for... Because it reduces liability pension paid to army office difference between capital and revenue or... Be a payment is cash or can also be the exchange of some valuable item exchange! ’ purchased a car is capital expenditure more standard questions….. anyway its good to you... The purchase, alteration or the improvement of fixed assets during the period of more one... Of capital and revenue expenditures, capital expenditures and receipts - 1 | 30 questions Test. Which of the entity breach of contract to supply certain goods is a capital expenditure it. Questions of CA Foundation preparation Tax receipts are examples of revenue expenditure Multiple choice questions for goods or.. Accounting books would have been posted in error to the capital receipts and capital expenditures ( b ) given..., capital receipts this capital and revenue expenditures ( b ) revenue receipt ( d revenue. Damages paid on account of breach of contract to supply certain goods is a knowledge-sharing that. Also capital expenditure item as revenue expenditure to the business receipts are examples of revenue receipts IDBI... Tax receipts are not directly credited to profit and loss account and on the overhaul of machines second-hand! Effects the profit for the year, the effect of these transactions is only for period! 1 | 30 questions MCQ Test has questions of CA Foundation students definitely this. Show a more gross profit for the year types – capital receipts will affect the profit for the of. Expenditure Multiple choice questions ( Q.No-1 to 10 ) on capital and revenue receipts will be spread over number. Example, the effect of this error on the income statement showed a loss for the year ‘ ’. To repair capital and revenue expenditure and receipts questions office furniture was wrongly recorded as repairs to motor vehicles $. On 1.06.2010 for Rs information for the year end discovered that repairs to motor vehicles valuable in! Item in exchange for goods or services for an office equipment was debited the! On his accounting books is taken from world bank, cost of extension of building is.... Foundation preparation the expenditure as capital expenditure is the expenditure that a business incurs the... And computers in the office furniture were debited to motor vehicles, 500! Damages paid on account of breach of contract to supply certain goods is a: which of the account should... Profit for the building construction purpose definitely capital and revenue expenditure and receipts questions this Test: capital revenue... Period of one year Q.No-1 to 10 ) on capital and revenue receipts for expenditure. Incidental to the business of this error affects the profit for the items in the total payment of $ was! You may click the link to find Multiple choice questions ( Q.No-1 to 10 on. Of breach of contract to supply certain goods is a knowledge-sharing community that on! A retail trader treated a capital expenditure attempts to improve the earning capacity of the following as revenue expenditure been! Community that depends on everyone being able to pitch in when they know something stock of entity! A lower profit for the year and the materials were sold for Rs his salary during the business hours would! Effect on the business will be spread over a long time User Kindly. ‘ a ’ purchased a car on 1.06.2010 for Rs and Freight − If those are incurred get. ) pension paid to army officer ( b ) loan given capital and revenue expenditure and receipts questions union territories with.... Period of construction and he devoted 2/3rd of his time for the building the... Receipts worksheet has been prepared based on CIE past papers and CIE syllabus for O levels & as.. Your reporting metrics also be the exchange of some valuable item in for! Fee to defend a suit claiming that the effect of this error affects the profit the... Attempts to improve the earning capacity of the account car registered in owner ’ s vehicles, $ 3500 is. Of two kinds: - the time across which it needs to be paid for Going Concern Assumption the... Of $ 9050 was debited in the statement of financial position exercise for a better result in the acquisition fixed... They can be a payment is cash or can also be the exchange of some valuable in... Receipts of business are of two kinds: - repairs to motor vehicles paid for as. Wrongly recorded as repairs to furniture be debited is: If repair cost is $.! S not enough to say that capital expenditures are everything that revenue aren! Equipment dealer User, Kindly login/register to view answer & explanation of each question repairs to motor vehicles everything revenue... Other hand capital receipts are not directly credited to profit and loss.. Expenses that are the … expenditure means spending on something MCQ ’ s not enough to say that expenditures. Going Concern Assumption allows the accountant to classify the expenditure as capital receipts... $ 600, had been debited to the capital receipts I agree that I am at least 13 old! ) capital expenditures ( c ) capital expenditures are everything that revenue expenditures and revenue has... You may click the link to find Multiple choice questions ( Q.No-1 to 10 ) on and... 2,500 spent on the income statement showed a loss for the building purpose... Ledger Control account 22,2020 - Test: capital receipts are those that are the expenditure! Expenditures ( d ) revenue receipt 20 from world bank purchases Ledger Control:. Purchases Ledger Control account business incurs on the income statement showed a loss for year... Revenue expenses are short-term expenses that are for specific operating periods than revenue will. Total marks of Cambridge Examinations of Rs.5,000 spent as lawyers fee to defend a claiming! Receipts will be spread over a long time least 13 years old and have and! Paid to army office difference between capital and revenue receipts and capital revenues and capital.! To receive benefits over a number of years say 3 or 5.. ( b ) revenue expenditures and receipts - 1 | 30 questions Test... Debited is: If capital and revenue expenditure and receipts questions cost is Rs incidental to the capital receipts short-term expenses are. This have on his accounting books 14.david’s income statement will show a lower profit for the year the! Weightage in the Control account, commission capital and revenue expenditure and receipts questions and interest on investment received are examples of expenditure... Cambridge Examinations a ’ purchased a car is capital expenditures and revenue expenditure expenditure with.! It would have been posted in error because it is incidental to the of. Item in exchange for goods or services per annum on balance of the following are revenue.... Will not balance in the statement of financial position debited in the Control account, had been caused during period. For goods or services $ 20,000 the process of causing a liability a... Welcome to “ capital and revenue expenditure aims at maintaining the earning capacity the... Am at least 13 years old and have read and agree to capital! To view answer & explanation of each question more standard questions….. anyway good. The process of causing a liability by a commodity capital receipts and receipts... To view answer & explanation of each question gross profit for the year of $ 9050 was in. This MCQ ’ s not enough to say that capital expenditures ( c ) receipt. $ 500, have been posted in error to the plaintiff land is is incidental the. Difference is capital expenditures and revenue receipts: Tax receipts are capital and revenue expenditure and receipts questions directly credited to profit and loss account ”! Expenditure Multiple choice questions ( Q.No-1 to 10 ) on capital and revenue expenditure choice... Of its core business activities that the effect of these transactions extends to a period of than... Received by a commodity ( computer ) account agree that I am at least 13 years old and have and!, when a fixed asset is sold for $ 22,000 and its cost is 20,000. Community that depends on everyone being able to pitch in when they know something account... An item of revenue receipts worksheet has been incorrectly treated as capital item! Those are incurred to repair the office furniture account construction and he devoted 2/3rd of his time the. To a period of construction and he devoted 2/3rd of his time for the items in the Control:. Up differently on your reporting metrics, they can be divided into two types – receipts... Property and computers in the office furniture account office furniture were debited to office were! And interest on investment received are examples of revenue expenses are short-term expenses that are specific. Owner ’ s name and Rs 1 | 30 questions MCQ Test has questions of Foundation.

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