Accountancy, asked by shamiq3456, 8 months ago

Discuss the reason involved in classifying the recipts into capital and revenue

Answers

Answered by divyaprakashnp

Explanation:

Classification of receipts into capital receipts and revenue receipts is essential for the preparation of financial statements since revenue receipts are shown on the credit side of Trading and Profit and Loss Account whereas capital receipts are shown in the Balance Sheet.

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