What do you understand by Turnover?

Answer in Brief

Turnover refers to the sales made during the accounting or fiscal year. The sum of gross sales for the year.
Turnover is sometimes referred to as Gross Sales or Gross Receipts.

shaalaa.com

Distinction Between Capital and Revenue Receipts

Is there an error in this question or solution?

Premium received on issue of shares is a ______.

A receipt is a capital receipt:

Give two examples of Capital receipts.

Give three examples of Revenue receipts.

Amount received on sale of assets is a ______ receipt.

Amount received on sale of stock-in-trade is a ______ receipt.

Amount obtained from a customer previously written off as bad debt is a ______ receipt.

A receipt is a capital receipt because ______.

Any lump sum receipt is always a capital receipt.

Sale of securities by an investment company is a capital receipt.