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Question
Classify the following into Capital, Revenue and Deferred Revenue Expenditures, reason for your answer.
Legal expenses ₹ 5,000 on defending a suit for breach of contract to supply goods.
One Line Answer
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Solution
Revenue Expenditure
Reason:
It is incurred during regular business operations.
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Chapter 6: Capital and Revenue Expenditure/Income - PRACTICAL PROBLEMS [Page 84]
