Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C9 Accounts ol‘Non—trading Concerns2 Marks
Question
Write Short notes: $(1)$ Deferred Revenue Expense:
✓
Answer
The revenue expense of that year in which they are incurred are allocated overestimated number of year is known as deferred revenue expense. e.g. repairing expenseon high level, primary expense, etc.
$(i)$ The expense which is done during a year, its recorded on the debit side of income-expenditure account.
$(ii)$ The expense which is left to write is recorded on the assetside of balance sheet.
$(iii)$ The deferred revenue expenses are not seen in balancesheet after completed estimated number of years.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.