Question

which type of items capital or revenue are recorded in income&expenditure account and why?

URGENT​

Answer 1

Answer:

Capital expenditures are for fixed assets, which are expected to be productive assets for a long period of time. 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.

Explanation:

hope it helps u

:)

Answer 2

Answer:

The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses. ... Income and Expenditure Account is a nominal account.