Mr anuj dealing in readymade garment pays Rs.30,000 as rent for his shop from which he runs his business for garments one-day fire broke of his shop and goods Worth Rs. 1, 50,000 were lost by fire identify which one is an expense and which one is loss give reason for the same
kirti4855:
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Answers
Answered by
1
30000rent is expense.
150000 is a loss
150000 is a loss
Can u please tell me the reason of it
expense is a cost which is incurred to earn revenue most probably whereas loss is an incidental moment
Answered by
1
30000 is a revenue expenditure and 150000 is a loss
The answer is also asking for reason
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