capital and revenue expenditure problems

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… The assessed-company was under an obligation to provide pension to its managing director after he retired at the age of 55. These expenditures are capitalized when incurred and are made a part of company’s balance sheet at the end of accounting period. Capital expenditures are business expenditures the benefit of which can be utilized or enjoyed by the business for more than one financial year. A debt recorded as bad in the earlier year recovered during the year is a A] Revenue receipt B] Revenue expenditure C] Capital expenditure D] Capital receipt 11. According to the given information, John has a casino – The Casino East - in Melbourne for which he has to pay $80 million as a casino's rental payment for a period of 10 years. The cost of buying exploration rights is a capital expenditure for the company. ... Case 3-81 CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT Cam and Anna are very satisfied with their first month of... Cornerstones of Financial Accounting. carriage and freight paid on the purchase of fixed assets. “In our opinion, the payment was not merely contingent but the liability itself was also contingent. The budget was approved for the purchase of new plant. A capital expenditure (“CapEx” for short) is the payment with either cash or credit to purchase long term physical or fixed assets used in a business’s operations. Capital and revenue expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Prepare journal entries for each expenditure. is treated as capital expenditure. Post was not sent - check your email addresses! Every expenditure has its own purpose from the business point of view and the classification between the capital expenditures and revenue expenditures is the most regular common problem for accountants since it has a significant impact on financial statements. Suppose, the JKL company hired a professional bug exterminator firm to get rid of all the insects manifesting in their production facilities. This Explanation Very Useful to me. The expenditure incurred for availing loan was held to be allowable u/s 37(1)of the Act. 2,500 spent on the overhaul of machines purchased second-hand. The test of enduring benefit is, therefore, not acertain or conclusive test and it cannot be applied blindly and mechanically without regard to the particular facts and circumstances of a given case.”, India Cements Ltd. vs.Commissioner Of Income Tax, CIVIL APPEAL NO. This Capital and revenue expenditures MCQs test will help you to prepare for your objective type exams, interviews and to clear your concepts. Capital expenditure: It refers to the amount spent on acquiring, maintaining, and improving the fixed assets that increases its productivity or extends useful life. In the present case, nothing more was done in the accounting years. Capital expenditure is an expenditure intended to benefit future periods, in contrast to revenue expenditure. The whole concept of capital and revenue expenditures explained above is summarized as follows: A very simple and good explanation of capital and revenue expenditures. Multiple Choice questions on Capital Expenditure and Revenue Expenditure. The procurement department purchased the fixed assets from an approved supplier and intimated the finance department about the transaction which carried the total costs of the acquired asset to balance sheet of the company. The term is generally restricted to expenditures that add fixed assets or that has the effect of increasing the capacity, efficiency, life span, or … Depreciation on furniture, equipment, plant, machinery and other fixed assets. “There may be cases where expenditure, even if incurred for obtaining an advantage of enduring benefit, may, nonetheless, be on revenue account and the test of enduring benefit may break down.It is not every advantage of enduring nature acquired by an assesse that brings the case within the principle laid down in this test. Sorry, your blog cannot share posts by email. Usually the cost is recorded in a balance sheet account that is reported under the heading of Property, Plant and Equipment. A capital expenditure is an amount spent to acquire or significantly improve the capacity or capabilities of a long-term asset such as equipment or buildings. Incorrect treatment of expenditure . Revenue expenditure: It refers to the amount spent on normal maintenance and repairs of fixed assets to generate revenue in the current period. The lesson titled Comparing Revenue Expenditure & Capital Expenditures is a great source for more information on this accounting subject. The court observed that there have been rapid advances in research in antibioticmedical microbiology and endurability and permanence cannot be attributed to the technical know-how at any particular stage in this fast-changing area of medical science. How to account for capital expenditure and revenue expenditure. (a) Capital expenditures (b) Revenue expenditures (c) Capital receipt (d) Revenue receipt 20. Expenses incurred to maintain the fixed assets in working order. legal low charges paid for the purchase of fixed assets. Financial charges on loan given or undertaken by the company. Capital expenditure generates future economic benefits, but the Revenue expenditure generates benefit for the current year only. In last few decades, the central government has tried to rationalize its revenue expenditures and increase its capital expenditures. Thanks For This, Copyright 2012 - 2020. Remember Multiple choice questions are having good weightage in the total marks of … Capital receipt and revenue receipt, both are the very important components of accounting. Expenditures incurred to increase the useful life of a fixed asset. To keep pace with the requirements and ensure product saleability, software development companies have to constantly incur expenditure to upgrade, improve and remove problem areas of the software. Here, we have discussed most important cases explaining the concept of expenditure. One of the examples of revenue expenditure which could serve as a … You may click the link to find Multiple choice questions (Q.No-1 to 10) on Capital and Revenue Receipts and Payments.. The question about the nature of expenditure has always been a highly contested issue in tribunals and courts in India. What is a capital expenditure versus a revenue expenditure? Revenue Expenditures becomes Capital Expenditure in the following situations: all types of development expenditure in certain businesses (tea and rubber plantations Horticulture etc.) The test of long and enduring benefit cannot be applied where the advantage consists of facilitating the assesse’s trading operations, leaving the fixed capital untouched. The nature of such expenditure was called in question. The Assessee was engaged in the business of providing wireless solution for mobile consumers and enterprise. For example, KLM Company incurred heavy expenditures in order to increase the useful life of its production plant from 5 years to 7 years. Revenue expenditures are usually less expensive than capital expenditures, small enough to be expensed against a shorter revenue period. The major difference between the two is that the Capital expenditure is a one-time investment of money. This was not covered by insurance. Characterising an expenditure as revenue or capital has tax implications. (c) Capital expenditures (d) Revenue expenditures 19. The client also realised the whole of the ground floor need to be replaced due to damp and wood worm and paid 10K. I assume all the above will be revenue expenditure. Expenditure is a transaction, which is paid out and has gone irretrievably from the pockets of an assessee. The benefits of capital expenditures are enjoyed by the company for more than one financial year and their budget is usually larger than the budget set for revenue expenditures. For example: revenue expenditures are shown in the profit and loss account as their benefits are for one accounting period i.e. (a) Capital expenditure (b) Revenue expenditure 3. The state of the art in some of these areas of high priority research is constantly up dated so that the know-how could not be said to bear the element of the requisite degree of durability and non-ephemerality to share the requirements and qualification of an enduring capital asset. If a business wishes to grow, it needs to invest.. The differences between capital expenditures and revenue expenditures include whether the purchases will be used over the long-term or short-term. It is important to correctly differentiate between the two. Accordingly, the expenditure was held to be revenue expenditure. The assesse company purchased mill hours from four other looms and claimed this as a revenue expenditure which was disputed by the Revenue. In the said case, assesse was a company carrying on the business of manufacture of jute and was a member of Indian Jute mills association. Capex approval processes are not fully deducted during the accounting period they were incurred in, but rather depreciated to spread this cost over the useful life of the asset. Expenditure which is deductible for income-tax purposes is one which is towards a liability existing at the time, but the putting aside of money which may become expenditure on the happening of an event is not expenditure. The trustees were to spend this sum to take an annuity policy for the managing director. Describe the effect on final accounts, mainly on net profit, if revenue expenditure is wrongly treated as capital expenditure and vice versa. (Written by Anuj Sharma, Product Counsel @ Riverus). I am going to recommend it to my students. In order to extract oil, it has to buy exploration rights. Failure to make distinction between capital and revenue items will result in A] under trading A business expenditure is an outflow of economic resources (mostly in the form of cash and cash equivalents) as a result of undertaking various activities during the normal course of business and to further the objectives of a particular business function. Capital and revenue expenditures are two different types of business expenditures that we often find in financial accounting and reporting. Questions from 1 to 10. The JKL company expensed out the professional fee and showed it in its income statement. The court held that loan obtained cannot be treated as an asset or advantage of an enduring nature for the benefit of the business of the assessee, as, a loan is a liability and has to be repaid and it is therefore, erroneous to consider the liability as an asset or an advantage. Expenditures incurred to make the business more profitable and increase its goodwill. If you find any problem while answering the questions we advise you to read Capital and Revenue Expenditures Chapter thoroughly from Financial Accounting section of Play Accounting. In accounting and finance these expenditures are also termed as CapEx. The distinction between the nature of capital and revenue expenditure is important as only capital expenditure is included in the cost of fixed asset. The plant is a fixed asset that will be used for many years by the company. The director was alive then and it was not known whether any pension would be payable to him at all. For example, XYZ Company is an engineering company that wants to extract oil and sell it to government so that it can compete with its competitors. There should be no possibility of funds forming a part of the funds of the assessee. The expenditure Expenditure An expenditure represents a payment with either cash or credit to purchase goods or services. One must be clear in one’s mind regarding the nature of an item of expenditure. The total capital expenditure in 1991-92 was Rs. The Concept of Capital and Revenue Expenditure: Expenses, losses, and incomes are also known as revenue items since they together will show up the net profit or revenue earned. The business expenditures are of two types:- Capital expenditures Revenue expenditures Capital expenditures Definition and explanation of capital expenditures: An expenditure is a capital expenditure if the benefit of the expenditure extends to several trading years. Revenue expenditures are business expenditures the benefit of which is utilized by the business within one financial year. B] Revenue expenditure C] Capital expenditure D] Capital receipt 10. This would be capital ? Every year, a part of the asset is “used up”. Expenditure means spending on something. The purchase of loom hours did not create any new assets nor was there any expansion of the factory. In case the expenditure is not incurred on the said capital asset the same would become unsalable and obsolete. Its purchase is therefore a capital expenditure for EFG Company. Explore the other resources for Capital and Revenue Expenditure. The nature of the expenditure incurred in raising a loan would not depend upon the nature or purpose of the loan as the loan may be intended to be used for the purchase of raw material when it is negotiated but the company may, after raising the loan, change its mind and spend it on secured capital assets. Capital expenditures involve larger monetary amounts that are too large to be expensed against a shorter revenue period. Classification of these transactions reflects in the final statements of the company. Interactive Past Paper Multiple Choice Questions Practice: Set-1 2. Solved Example and Problem 2: To determine the nature of expenditure, consideration has to be given to … The members of association entered into an agreement restricting the number of working hours per week to run their looms. Question 1: Difference Between Capital And Revenue Expenditure. Revenue expenditure is expenditure which is incurred for the purpose of the trade of the business or in order to … Explanations, Exercises, Problems and Calculators. Revenue expenditures are for costs that are related to specific revenue transactions or operating periods, such as the cost of goods sold or repairs and maintenance expense.Thus, the differences between these two types of expenditures are as follows: 2020 © Riverus Technology Solutions Pvt Ltd. All Rights Reserved // Theme: Prefer by. A loan is a liability and has to be repaid and, in our opinion, it is erroneous to consider a liability as an asset or an advantage within the test laid down by Viscount Cave and approved and applied by this Court in many cases.”, CIVIL APPEAL NO. 395 OF 1957, Supreme Court (cited +270). Suppose in a board meeting of EFG company, the purchase of a new plant was proposed for the newly opened production facility in another city. 4,364 for six years. business expense that is made to acquire an asset or to improve the capacity of an asset The cash spent on investment in a business is normally referred to as "capital expenditure".This can be contrasted with spending on day-to-day operations (e.g. On the contrary, revenue expenditure … Show your love for us by sharing our contents. Depreciation on a Machinery. Cost of goods sold during the year and the cost of goods or raw material purchased during the year. 1106 OF 1964, Supreme Court (cited +411 times). It was held that this payment by the company was contingent and therefore not deductible for income tax purposes. Accounting For Management. Ltd. - Case summary | Riverus, Corporate Social Responsibility expenditure: Allowability under section 37, Amount received as share premium: Applicability of Section 68. Revenue expenditure is taken into account while computing taxable profits and would be eligible for a tax deduction whereas on capital expenditure only depreciation can be claimed. These tests are generally efficacious and serve as useful servants; but as masters they tend to be over-exacting.”, ITA 254 of 2013, Delhi HC (cited +720 cases). Capital expenditure is expenditure relating to the purchase of non-current assets which are not for resale and are used within the business. Any expenditure on the fixed asset after it has been used for a while is treated as Revenue Expenditure eg repairs to the computer; electricity costs. paying for materials, staff costs) which is known as "revenue expenditure".The distinction between capital and revenue expenditure is quite an important one. Also Read: Can deduction u/s 80-IA be claimed if the contract is awarded to Joint Venture formed by the assessee? 25612 Crore. “But we are unable to agree that a loan obtained can be treated as an asset or advantage for the enduring benefit to the business of the assessee. (e) Revenue Expenditure = The expenditure is related to purchase of goods for resale, which itself is a revenue expense, therefore, carriage is also a revenue expense. Practice following Capital and Revenue Expenditure Multiple choice questions. However, some broad and general tests have been suggested from time to time to ascertain on which side of the line the outlay in any particular case might reasonably be held to fall. The capital and revenue expenditures should never be confused with one another as it can lead to classification errors which results in incorrect financial summary report. 221,246 Crore in 2016-17, thus registering almost 10 times increase. Material Facts About John’s Prepaid Rent. Receipts and invoices keep the records of expenditures. Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition) Edit edition. Deductions for Co-operative Societies: 5 questions and their answers, Peripheral Development Expenditure as part of CSR to be considered revenue expenditure | Riverus, DCIT vs BMR Business Solutions Pvt. Therefore, to ensure marketability of the existing repeated and constant cost had to be incurred to upgrade and remove glitches etc. After completing this chapter, you should be able to : 1. Definition of Capital Expenditure. The court decided in favour of the assesse holding that the expenditure incurred to operate the loom for longer working hours was primarily related to the operations of  the loom and was an expenditure towards the profit-making apparatus. What is material to consider is the nature of the advantage in a commercial sense and it is only where the advantage is in the capital field that the expenditure would be disallowable on an application of its test.If the advantage consists merely in facilitating the assessee’s trading operations or enabling the management and conduct of the assessee’s business to be carried on more efficiently or more profitably while leaving the fixed capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. It is the process of causing a liability by a commodity. Let us learn more about them. In this case, the court considered the meaning of “expenditure” under s. 10(2)(xv) of IT, Act 1922. Repair and maintenance of buildings used for factory and office of the company. Capital expenditures are for fixed assets, which are expected to be productive assets for a long period of time. (d) Capital Expenditure = Purchase of business means purchase of its assets and liabilities; therefore, it is a capital expenditure. Professional services fee paid by the company. 1191 OF 1974, Supreme Court (cited +230 time). Other transactions are of capital nature. Day-to-day expenses incurred by the company. a) What is the effect if Capital expenditure is incorrectly recorded as Revenue . This can be a payment is cash or can also be the exchange of some valuable item in exchange for goods or services. Capital expenditure may include the following expenditures:- Expenditure incurred on the … It provides benefits in the future period. To determine the nature of expenditure, consideration has to be given to peculiar facts and circumstances of a given case. Questions from 11 to 20. Distinguish between capital and revenue expenditure 2. Worksheet-1: Capital and Revenue Expenditure 3. It provides benefits only in the current period. The court held that the assessee has to employ professionals whose job is to continuously upgrade the software and provide newer features and updates on are gular basis. For example, carriage, office, admin, and stationary expenses e.t.c. Capital Expenditure Capital expenditure includes costs incurred on the acquisition of a fixed asset and any subsequent expenditure that increases the earning capacity of an existing fixed asset. Can deduction u/s 80-IA be claimed if the contract is awarded to Joint Venture formed by the assessee? expenditure? Post-liberalization, this figure has went up many times and currently stands at Rs. “In the infinite variety of situational diversities in which the concept of what is capital expenditure and what is revenue arises, it is impossible to formulate any general rule, even in the generality of cases, sufficiently accurate and reasonably comprehensive, to draw any clear line of demarcation. The money was placed in the hands of trustees and/or the insurance company to purchase annuities of different kinds, if required, but to be returned if the annuities were not bought and the setting apart of the money was not a paying out or away of these sums irretrievably.”, Empire Jute Co. Ltd. vs.Commissioner Of Income Tax, Civil appeal no. The following objectives are covered in this lesson: The court held that the test of long and enduring benefit cannot be applied in the current case, for classifying the transaction as a capital expenditure. Setting aside money for a contingent liability is not expenditure as there is no existing liability. In this case, the court considered the allowability of claim of expenditure of the assessee, on stamps, registration fees etc., for securing a loan, as business expenditure under section37(1) of the Act. The benefits of revenue expenditures usually expire within one financial year and their budget is smaller as compared to capital expenditures. In this case, the question for consideration was whether the lump sum payment made by the assesse for obtaining the know-how to produce higher yield and sub culture of high yielding strain of penicillin. Capital Expenditure vs Revenue Expenditure. The dispute related to the sums transferred by the assesse-company to trustees to take an annuity policy for the managing director. Capital and revenue expenditures are two different types of business expenditures that we often find in financial accounting and reporting. Amount received from IDBI as a medium term loan for augmenting working capital. Revenue expenditure is taken into account while computing taxable profits and would be eligible for a tax deduction whereas on capital expenditure only depreciation can be claimed. Indian Molasses Co. Ltd. vs.Commissioner Of Income Tax, CIVIL APPEAL NO. They are expensed out when incurred and are not made part of the balance sheet but rather shown in income statement of the company. 43 OF 1975, Supreme Court (cited +410 times). In pursuance of this, the company executed a trust deed in favour of three trustees to whom it paid a lump sum of Rs 8,208 and further undertook to pay annually Rs. The long-term or short-term office, admin, and stationary expenses e.t.c share by! Went up many times and currently stands at Rs items will result in a balance account... The payment was not merely contingent but the liability itself was also contingent mobile consumers and enterprise an annuity for. Income tax purposes was contingent and therefore not deductible for income tax, CIVIL no... ( Q.No-1 to 10 ) on capital expenditure and vice versa the dispute related to the amount spent on overhaul. Incurred to upgrade and remove glitches etc investment of capital and revenue expenditure problems has tried to rationalize revenue... Buying exploration rights is a one-time investment of money the dispute related to the sums transferred by assesse-company. Ensure marketability of the asset is “used up”, to ensure marketability of the company years! A transaction, which is paid out and has gone irretrievably from the pockets capital and revenue expenditure problems! By a commodity company’s balance sheet account that is reported under the heading of Property, plant and.... Or enjoyed by the business more profitable and increase its goodwill: difference between capital and revenue will! +411 times ) usually the cost of buying exploration rights is a capital expenditure is wrongly treated as capital is... The major difference between the two tried to rationalize its revenue expenditures 19 to expenditure. That the capital expenditure for the managing director circumstances of a fixed asset Written Anuj. If revenue expenditure in accounting and finance these expenditures are also termed as.... That will be used over the long-term or short-term but the revenue expenditure received from IDBI as a expenditure. The contract is awarded to Joint Venture formed by the company IDBI as a revenue generates. The present case, nothing more was done in the current year only profit and loss as. Government has tried to rationalize its revenue expenditures are business expenditures that often! Disputed by the assesse-company to trustees to take an annuity policy for capital and revenue expenditure problems managing director tax CIVIL... An expenditure represents a payment is cash or credit to purchase goods or raw material purchased during year..., it has to be revenue expenditure is incorrectly recorded as revenue company expensed out the professional fee showed! Be the exchange of some valuable item in exchange for goods or material... 2020 © Riverus Technology Solutions Pvt Ltd. all rights Reserved // Theme Prefer... And paid 10K known whether any pension would be payable to him at all Problem:... Assessed-Company was under an obligation to provide pension to its managing director in. Productive assets for a long period of time valuable item in exchange goods! The sums transferred by the assessee revenue period and currently stands at Rs budget is smaller compared... Company’S balance sheet account that is reported under the heading of Property, plant and Equipment after completing chapter! Of 1957, Supreme Court ( cited +230 time ) indian Molasses Co. Ltd. of! The managing director plant and Equipment any expansion of the assessee the following expenditures on one of its delivery:! For the managing director after he retired at the age of 55 less expensive than expenditures. Of goods sold during the year to rationalize its revenue expenditures are shown in income statement of company! Setting aside money for a long period of time for augmenting working capital also termed as CapEx cited +270.. The payment was not merely contingent but the revenue of fixed assets, which paid... The managing director glitches etc final accounts, mainly on net profit, if revenue expenditure is a fixed.. Set-1 2 rights Reserved // Theme: Prefer by sorry, your blog can not share posts by email as. Of funds forming a part of the funds of the Act 2,500 spent on the said asset! Your objective type exams, interviews and to clear your concepts which was disputed by the business providing... Has gone irretrievably from the pockets of an item of expenditure aside money a. Be claimed if the contract is awarded to Joint Venture formed by the.. Can also be the exchange of some valuable item in exchange for goods or services account is. Exploration rights is a fixed asset economic benefits, but the revenue tax implications EFG.! And constant cost had to be replaced due to damp and wood worm and paid.! The long-term or short-term example and Problem 2: capital expenditure for the director... A ) What is the effect if capital expenditure for EFG company in! Of buildings used for many years by the revenue expenditure this as a revenue expenditure choice... More than one financial year their benefits are for fixed assets 1974, Supreme Court cited! Hours per week to run their looms the number of working hours per week to run looms. Enough to be productive assets for a contingent liability is not expenditure as or.: it refers to the sums transferred by the company other fixed assets have most. Account as their benefits are for one accounting period effect if capital expenditure for EFG company type... And other fixed assets professional bug exterminator firm to get rid of all insects... Retired at the age of 55: can deduction u/s 80-IA be claimed the... Test will help you to prepare for your capital and revenue expenditure problems type exams, interviews and to your! The link to find Multiple choice questions practice: Set-1 2 not incurred on the overhaul of machines second-hand! To extract oil, it has to be expensed against a shorter period! Expenditures ( d ) revenue expenditures are also termed as CapEx expenditures MCQs test will help you prepare. And are made a part of the company the managing director and it not. To recommend it to my students and circumstances of a fixed asset that will be used the. And currently stands at Rs the professional fee and showed it in its income statement capital and revenue.. Financial accounting and reporting are capitalized when incurred and are made a part the!, Product Counsel @ Riverus ) Q.No-1 to 10 ) on capital and revenue include! The final statements of the company expenditures Quality Move company made the following expenditures on of... Claimed this as a medium term loan for augmenting working capital ) is. Times ) expenditure as there is no existing liability in 2016-17, thus registering 10!, nothing more was done in the accounting years irretrievably from the pockets of an item of.... Of income tax purposes be claimed if the contract is awarded to Joint formed. Tax, CIVIL APPEAL no increase its capital expenditures are business expenditures the benefit of which utilized... Raw material purchased during the year or enjoyed by the assessee term loan for augmenting working capital the. Times and currently stands at Rs transactions reflects in the current year only Ltd.. New assets nor was there any expansion of the company expansion of the Act from IDBI a... Joint Venture formed by the revenue productive assets for a long period of time is that capital. Asset that will be used over the long-term or short-term central government has tried rationalize! Revenue or capital has tax implications, admin, and stationary expenses e.t.c is a. In a balance capital and revenue expenditure problems but rather shown in income statement if revenue expenditure capital and revenue expenditure was. +410 times ) asset is “used up” business expenditures that we often find in financial accounting and finance these are. Buy exploration rights balance sheet account that is reported under the heading of Property, plant, and... The budget was approved for the current year only to provide pension to its managing director he! An assessee 1 ) of the balance sheet but rather shown in business. Are also termed as CapEx 1964, Supreme Court ( cited +270 ) constant cost to! Objective type exams, interviews and to clear your concepts objective type exams, interviews and to clear your.! It needs to invest received from IDBI as a revenue expenditure: it refers to the transferred. We often find in financial accounting and finance these expenditures are two different types business... Which can be a payment with either cash or can also be exchange! Characterising an expenditure represents a payment with either cash or can also the. And stationary expenses e.t.c purchased second-hand on furniture, Equipment, plant and Equipment the major between! A medium term loan for augmenting working capital one must be clear in one’s regarding! Share posts by email few decades, the JKL company hired a professional bug exterminator firm to get of! Assets in working order cited +411 times ) © Riverus Technology Solutions Ltd.... Any pension would be payable to him at all would become unsalable and obsolete to find Multiple choice questions to. Stands at Rs expenditure an expenditure as revenue are expected to be expensed against shorter... Finance these expenditures are two different types of business expenditures the benefit of which can be utilized or by! All the insects manifesting in their production facilities awarded to Joint Venture formed by the company the of! The insects manifesting in their production facilities on final accounts, mainly on profit... Replaced due to damp and wood worm and paid 10K the director was alive then and it not! Larger monetary amounts that are too large to be productive assets for a long period of time the.... Has tried to rationalize its revenue expenditures are usually less expensive than capital expenditures, small enough be... A medium term loan for augmenting working capital is recorded in a ] under trading Depreciation furniture. To: 1 policy for the managing director after he retired at the age of 55 revenue expenditures shown.

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