[Solved] Which of the following is not a capital receipt?

McqMate

Q.	Which of the following is not a capital receipt?
A.	'salami' for settlement of tenancy.
B.	insurance claim received on machinery lost by fire.
C.	lump sum received on sale of shares.
D.	goods sold for cash.
Answer» D. goods sold for cash.

4.2k

0

Do you find this helpful?

37

View all MCQs in

Discussion

No comments yet

Related MCQs

When a receipt is determined as Capital Receipt or Revenue receipt.
Receipt of amount on maturity of LIC Policy is.............................
Which of the following is not a capital expense?
Which of the following is not a capital asset.
Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for.....................
What is the date on which Fair Market Value of capital assets acquired is determined?
Salary paid by an employer out of capital will be................
Interest on capital paid by the firm to its partners is allowed up to ...................
The income tax rate on long term capital gains for an individual is .................................
What is the time limit for holding of a Financial Asset, to be called Short Term Capital Asset?