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(c) from the following transactions, identify the capital and revenue nature of
transactions along with reasons.
i. Sale of car
ii. Obtaining of license for running the business
iii. Legal fees paid to acquire the land, which is current assets for the proprietor
iv. Sale of old-furniture used in the business of the proprietor
v. Insurance expenses paid and the coverage period of the insurance is 5 years.
transactions along with reasons.
i. Sale of car
ii. Obtaining of license for running the business
iii. Legal fees paid to acquire the land, which is current assets for the proprietor
iv. Sale of old-furniture used in the business of the proprietor
v. Insurance expenses paid and the coverage period of the insurance is 5 years.
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