Solution of Q 1 Financial Statements of Sole Proprietorship TS Grewal Class 11 (2023-24) CBSE

State whether the following expenses are capital or revenue in nature:

1. (i) Expenses on whitewashing and painting of a building purchased to make it ready for use.
2. (ii) ₹ 10,000 spent on constructing platform for a new machine.
3. (iii) Repair expenses of ₹ 25,000 incurred for whitewashing of factory building.
4. (iv) Insurance premium paid as renewal premium.
5. (v) Purchased a new car.
6. (vi) Wages paid to install a machine.
7. (vii) Repairs carried out on existing car.
8. (viii) Office block of building repainted for ₹ 50,000.
9. (ix) Paid telephone bill of ₹ 2,500.