11th Standard Syllabus & Materials

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11th Standard English Medium Accountancy Subject Capital and Revenue Transactions Creative 2 Mark Questions with Solution Part - II

Published on: 30/06/2021

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Creative Questions in class 11 Accountancy Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

What is capital receipt?

State the nature of the following transactions.
i) Expenditure incurred on issue of equity shares.
ii) Cost of formation of anew company.
iii) Cost of Rs.10,000 incurred in increasing the sitting accommodation and Rs.5,000 in repainting of cinema house.

State the nature of the following transactions:
i) Carriage paid on goods purchased.
ii) Legal expenses incurred for abuse of trade mark.
iii) Money raised by issue of equity shares.

What is Capital profits?

What are the features of deferred revenue expenditure?

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Answers Key:

Generic 2

5 x 2 = 10

Receipt which is not revenue in nature is called capital receipt. It is non-recurring in nature. The amount received is normally substantial. It is shown on the liabilities side of the balance sheet.

S.No.	Transactions	Classification
i)	Expenditure incurred on issue of equity shares.	Capital expenditure
ii)	Cost of formation of a new company.	Capital expenditure
iii)	Cost of Rs.10,000 incurred in increasing the sitting accommodation and Rs.5,000 in repainting of cinema house.	Capital expenditure

S.No.	Transactions	Classification
i)	Carriage paid on goods purchased.	Revenue expenditure
ii)	Legal expenses incurred for abuse of trade mark.	Revenue expenditure
iii)	Money raised by issue of equity shares.	Capital receipts

Capital profit is the profit which arises not from the normal course of the business. Profit on sale of fixed asset is an example for capital profits.

(i) It is not written off in the year of actual expenditure.
(ii) It is written off over a period of certain years.
(iii) The balance available after writing off is shown on the assets side of the balance sheet.