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.

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Distinction Between Capital and Revenue Receipts

Is there an error in this question or solution?

Distinguish between capital receipt and revenue receipt.

Write any two differences between capital and revenue Receipts.

Money received by sale of machine is a ______.

Premium received on issue of shares is a ______.

Fees and commission received for services rendered, interest and dividend received an investment are examples of ______.

A receipt is a capital receipt:

What are revenue receipts?

Amount received on sale of assets is a ______ receipt.

A receipt is a capital receipt because ______.

Compensation received for the surrender of a right is a revenue receipt.