The money spent on repairs of a motor car used by the business is a:
Repairs to a motor car used by the business are revenue expenditure because they maintain the asset in working condition. Such maintenance is charged against the income of…
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The money spent on repairs of a motor car used by the business is a:
Answer and explanation
Correct answer A
Repairs to a motor car used by the business are revenue expenditure because they maintain the asset in working condition. Such maintenance is charged against the income of the period rather than treated as acquisition of an additional capital asset.
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Telangana SET (TG SET)