Answer / s

CLOSING OF ENTRIES AT THE END OF THE FINALCIAL YEAR AND PREPARATION OF PROFIT AND LOSS ACCOUNT AND BALANCE SHEET IN A VIEW TO KNOW THE PROFIT OR LOSS AND FINANCIAL STATUS OF THE ORGANIZATION IS CALLED FINALIZATION OF ACCOUNTS.

6, state with reasons wheather the following items are capital expenditure or revenue expenditure i, A factory building was constructed at a cost rs 1500000 a sum of rs 64000 were incurred for the construction of huts for storing building materials ii, rs 5000 paid for removal of stock to a new site iii, expenses incurred in connection with obtaining a license to start the business were rs 15000

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