Definition of Capital Expenditure. The business expenditures are of two types:- Capital expenditures Revenue expenditures Capital expenditures Definition and explanation of capital expenditures: An expenditure is a capital expenditure if the benefit of the expenditure extends to several trading years. To know about the capital expenditures and revenue expenditures, first of all, it is very important to know about the meaning of expenditure beforehand. 7. Difference Between Capital Expenditure and Revenue Expenditure A business organisation incurs expenditures for various purposes during its existence. Difference between Revenue Expenditure and Capital Expenditure. Capital receipts comprise of the loans or capital that are raised by governments by different means. Such expenditure is met out of capital receipts of the government including borrowing from public and foreign governments. Available here are Chapter 1 - Accounting for Not-for-Profit Organisation Exercises Questions with Solutions and detail explanation for your practice before the examination Difference between Revenue Receipts and Capital Receipts. Meaning. assets because it owns money that it lends. For example, Government discourages the production of harmful consumption goods (like liquor, cigarettes etc.) Similarly, disinvestment by the govt. It is important to correctly differentiate between the two. disinvestment of PSUs. Difference between capital receipts and revenue receipts can be compiled as follows; Capital Receipts 1. Simply put, an expenditure which neither creates assets nor reduces liability is called Revenue Expenditure, i.e., Salaries of employees, interest payment on post debt, subsidies, pension, etc. [CBSE 2005, 10] Or The difference between revenue expenditure and revenue receipts is a. Revenue Receipts are recurring in nature because it occurs every month more or less. Fiscal deficit c. Budget deficit d. Primary deficit View Answer / Hide Answer. May 30,2020 - What is capital receipts and revenue receipts ? money brought into the business by the owner (capital invested), loan from bank, sale proceeds of fixed assets etc. Tax burden cannot be shifted to another person. is treated as capital receipt. 22 May 2017. All questions and answers from the Economics Solutions Book of Class 12 Commerce Economics Chapter 14 are provided here for you for free. 8 Subscription. Capital Receipts are the income generated from the non-operating sources, which are having a long term effect. In short, when government raises funds either by incrurring a liability or by disposing of assets,it is called a capital receipt. 5: Only revenue transactions are recorded here. What is a capital expenditure versus a revenue expenditure? The difference between the total expenditure of Government by way of revenue, capital and loans net of repayments on the one hand and revenue receipts of Government and capital receipts which are not in the nature of borrowing but which finally accrue to Government on the other, constitutes gross fiscal deficit. Fiscal deficit: The fiscal deficit is defined as the excess of government revenue over government expenditure. | EduRev Commerce Question is disucussed on EduRev Study Group by 165 Commerce Students. Difference between Revenue Expenditure and Capital Expenditure. is also capital expenditure because it reduces liability. The misrepresentation between capital expenditures and revenue expenditures will have a great impact on the soundness of the financial statements. Capital receipt leads to a reduction in the asset of the government. ... CBSE Class 12 Economics Solved Question Paper 2016. ... • Difference between capital and revenue reserve ... Capital Receipts; Revenue and Capital Expenditure; After going through this Unit, the students will be able to: • state the meaning of financial statements the . Explain how taxes and government expenditure can be used to influence. In accounting and finance, they can be divided into two types – capital receipts and revenue receipts. Capital Receipts: Money generated from sale of assets, shares, debentures, loan received, investment made by new partner etc. Allocation of resources is one of the important objectives of government budget. It is incurred for acquisition of capital assets. Revenue Receipts ii. Taxes are instituted on the income that residents of a country receive from employment and entrepreneurial endeavors. ... Differentiate between Revenue Receipts and Capital Receipts. Revenue Receipts are the income gained by the daily operational activities of the business. Differentiate between Revenue Receipts and Capital Receipts. In government budget capital receipts are classified in three groups, namely, (i) Borrowings (ii) Recovery of loans, and (iii) Disinvestment and other receipts.Difference. 9 Legacy. Interest: Government receives interest on loans given by it to state governments, union … difference between revenue receipts and capital receipts. Differences Between Current Account and Capital Account. FD= Total Expenditure- (Revenue Receipts+ Non-Debt Creating Capital Receipts) ... Capital transactions (c) Autonomous transactions (d) Accommodating transactions. Examples: Union excise duties and custom duties, https://www.zigya.com/share/RUNFTjEyMDUxMDI1. But in case of capital receipts which are borrowings, government is under obligation to return the amount alongwith interest. difference between revenue receipts and capital receipts. Prices are affected because the price of the product is inclusive of tax. Ltd. Download books and chapters from book store. Budget Receipts refer to the estimated money receipts of the government from all sources during a given fiscal year. It is recurring in nature and incurred regularly. Hence borrowing in government budget is a fiscal deficit. Extra Question for Class 12 Economics Government Budget and the Economy myCBSEguide has just released Chapter Wise Extra Question for class 12. Traditionally, all grants given to state governments are treated as revenue expenditure even though some of the grants may be for creation of assets. Revenue deficit = Revenue expenditures − Revenue receipts. If UP government repays say र 20 crores to Central govt., it means reduction in assets of Central govt, to the time of र 20 crores. The main sources of non-tax revenue are: 1. Sources of Income: Taxation is the primary source of income for a government. Questions given below are important questions and are expected to be asked in Class 12 Economics board exam 2019-20. Categorisation to Revenue/Capital Receipts — (i) It is capital receipt because it reduces financial assets. Revenue Receipts:-Any receipts which do not either create a liability or lead to reduction in assets is called revenue receipts. If revenue receipts are ₹70 crores and capital expenditure ₹120 crores, then how much is the revenue expenditure. 6: Its balance can never be credit. (A) Capital expenditure which leads to creation of assets are (a) expenditure on purchase of assets like land, buildings, machinery and construction of roads, canals, etc. The main difference between revenue receipts and capital receipts is that in case of revenue receipts, government is under no future obligation to return the amount, i.e., they are non-redeemable. Any amount received by the business enterprise which […] Capital Expenditures 4. 5. Examples of non-debt capital receipts are: Recovery of loans, proceeds from sale of public enterprises (i.e., disinvestment, etc.). An expenditure that neither creates assets nor reduces a liability is categorised as revenue expenditure. 3.5 / 5 ( 4 votes ) Contents1 INTRODUCTION:2 MEANING:3 OBJECTIVES:4 COMPONENTS OF BUDGET:4.1 Revenue Budget:4.2 Capital Budget:5 BUDGET EXPENDITURE:6 ACKNOWLEDGMENT:7 CERTIFICATE: INTRODUCTION: In the modern world, every go government aims at maximizing the welfare of its country. (ii) Capital Expenditure. Free PDF download of Important Questions with Answers for CBSE Class 12 Economics Chapter – Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books only by CoolGyan to score more marks in CBSE … Revenue receipts are the one which affects the profitability of the company like day to day incomes. The major difference between the two is that the Capital expenditure is a one-time investment of money. Examples of debt creating receipts are: Net borrowing by government at home, loans received from foreign governments, borrowing from RBI. Capital Receipts ii. through heavy taxes and encourages the use of ‘Khaki products’ by providing subsidies. Components (Sources) of Revenue Receipts: Revenue receipts of the government are divided into two groups, namely, (i) tax revenue and (ii) non-tax revenue. Economics Project on Government Budget is specifically written for cbse students of class 12. ANSWER: a. Basis of Difference: Capital Receipts. Question 1. RBSE Class 12 Economics Chapter 23 Short Answer Type Questions (SA-I) Question 1. The main difference between revenue receipts and capital receipts is that revenue receipts are recurring in nature, which the government can expect to receive year after year, whereas capital receipts are a kind of one-time income. It states the excess government Revenue Expenditure over Revenue receipts. Usually the cost is recorded in a balance sheet account that is reported under the heading of Property, Plant and Equipment. Capital Receipts are the income obtained from the capital assets of the organization. It does not result in creation of assets. Capital Receipts. So all receipts in, say consolidated fund, are split into Revenue Budget (revenue account) and Capital Budget (capital account), which includes non-revenue receipts and expenditure. 7 Fund Based. 10:27 mins. Distinguish between: Revenue receipts and capital receipts. 11:11 mins. Capital receipts are non-recurring receipts that either increase a liability or decrease an asset. Revenue Receipt - Tax Revenue. tax receipts of … 12 February 2015. Expenditure is basically spending of funds or money to avail services or for purchasing. Here, please note that Loan recovery is Capital Receipt but the interest received on these loans is revenue receipts. An expenditure which either creates an asset (e.g., School building) or reduces a liability (e.g., repayment of loan) is called capital expenditure. Difference. Unlike revenue received which is a substitution of income. The primary difference between Capital Receipts vs Revenue Receipts is that Capital receipts are the receipts of non-recurring nature which either creates the liability of the company or reduces the company’s assets whereas revenue receipts are the receipts of recurring nature and are reported in the statement of income of the company. All questions and answers from the Economics Solutions Book of Class 12 Commerce Economics Chapter 14 are provided here for you for free. An expenditure that neither creates assets nor reduces a liability is categorised as revenue expenditure. Revenue Expenditures Capital Budget: it deals with the capital aspect of the government budget and it consists of: i. ... Class 12. 30. Generally, expenditure incurred on normal running of the government departments and maintenance of services is treated as revenue expenditure. 2020 Zigya Technology Labs Pvt. Thus these are current income receipts of the government from all sources. ANSWERS 1 False. All Economics Solutions Solutions for class Class 12 Commerce Economics are prepared by experts and are 100% accurate. 2. A receipt journal entry for capital will affect cash and an asset or liability account. Receipts which are non-recurring (not received again and again) by nature and whose benefit is enjoyed over a long period are called "Capital Receipts", e.g. Whereas when the assets of government are not reduced we get revenue receipts. You will also love the ad-free experience on Meritnation’s Economics Solutions Solutions. Difference between Revenue Expenditure and Capital Expenditure. Ques 1 How are capital receipts different from revenue receipts … Meaning. Capital Receipts and Sources of Capital Receipt. Capital Expenditures Revenue receipts consist of 1) Tax Revenue and 2) Non-Tax Revenue. 8. Recovery of loan is treated as capital receipt because it causes reduction in assets. For example, expenditure on medicines and salaries of doctors in a hospital for rendering services is revenue expenditure. Revenue Receipts are shown on the credit side of the profit and loss account of the company. Revenue Receipts are the income gained by the daily operational activities of the business. These are financed out of revenue receipts. 11 Honororium. 10 Capital Receipt. Hence, the impact and incidence of taxes are on different persons. (ii)    Capital Receipts. Difference between revenue receipts and capital receipt Report ; Posted by Sidhant Negi 2 years, 9 months ago. Non-Tax Revenue: Non-Tax revenue refers to receipts of the government from all sources other than those of tax receipts. (iv) This is capital receipt because disinvestment reduces government assets. Distinguish between revenue expenditure and capital expenditure. Definition of Revenues. Current account is the financial account of the economy or any individual entity which shows results of various revenue income and expenditure and calculates revenue profits while capital account indicates various capital income and expenditure like purchase and sale of fixed asset, capital repairs, sale of investments etc Capital receipt is shown on the liabilities side of the Balance Sheet. What is the difference between revenue expenditure and capital expenditure? No decline in government liabilities and does not create assets for the government. The primary difference between Capital Receipts vs Revenue Receipts is that Capital receipts are the receipts of non-recurring nature which either creates the liability of the company or reduces the company’s assets whereas revenue receipts are the receipts of recurring nature and are reported in the statement of income of the company. Delhi - 110058. Government receipts which either (i) create liabilities (of returning loans), or (ii) reduce assets (on disinvestment) are called capital receipts. 12. Revenue deficit is the difference between government’s revenue expenditures and government’s receipts. In a government budget, the revenue deficit is ₹ 35 crores. But in case of capital receipts which are borrowings, government is under obligation to return the amount alongwith interest.Debt creating and non-debt creating capital receipts. Government receipts are divided into two groups — Revenue Receipts and Capital Receipts.Basis of classification—All government receipts which either create liability or reduce assets of the government are treated as capital receipts whereas receipts which neither create liability nor reduce assets of the government are called revenue receipts. Capital receipt and revenue receipt, both are the very important components of accounting. to the producers. Get free NCERT Solutions for Class 12 Accountancy - Not-for-profit Organisation and Partnership Accounts Chapter 1 Accounting for Not-for-Profit Organisation solved by experts. The capital receipt is received in exchange for the source of income. For example, a loan of र 100 crores given by Central government to State government (say UP govt.) Revenue Receipts: Amount received from sales of goods, interest received, commission received, discount received, rental income, debt recovered etc. These are funds generated from non-operating activities of a business hence are not shown inside the income statement instead they are shown inside a balance sheet.. Define tax. It is generally a long-period expenditure. Capital Receipts. Non-Tax Revenue is the recurring income earned by the government from sources other than taxes. (Q11) The following figures are based on budget estimates of GOI for the year 2013 - 2014 : (Rs. Revenue Receipts. Key Difference: The main difference between Revenue and Receipt is that receipt is the cash received and is also known as cash inflow or 'Cash Receipt' meaning cash received by the entity, but it also includes revenue and other loans that it has to repay back.Revenue means the benefits the entity has received or earned by its main business and the earning is it's own and does not need to be paid back. Government can influence allocation of resources through:(i) Tax concessions or subsidies:To encourage investment, government can give tax concession, subsidies etc. Capital Receipts appears on the liabilities side of the Balance Sheet whereas Revenue Receipts appears on the credit side of the Profit and Loss Account as income for the financial year. Capital receipts cannot be utilized for the creation of reserve fund. … It requires a number of infrastructural, economics and welfare activities. The difference between capital expenditure and revenue expenditure are expained in tabular form. Government receipts which neither (a) create liabilities, nor(b)    reduce assets are called revenue receipts. This type of expenditure adds to the capital stock of the economy and raises its capacity to produce more in future. The main difference between revenue receipts and capital receipts is that in case of revenue receipts, government is under no future obligation to return the amount, i.e., they are non-redeemable. Economics Class 12 - Government Budget ... 10:46 mins. 7: Its balance is carried over to Receipts & Payments Account of the next year. Revenue Expenditure and Capital Expenditure of India! Thereby the tax burden falls more on the rich than on the poor. Solution: Revenue Defici = Revenue Expenditure – Revenue Receipt Revenue deficit Revenue deficit= revenue expenditure –revenue receipts. These do not give rise to debt. The income tax burden is equitably distributed on different people and institutions. In a mixed economy, the private producers aim towards profit maximisation, while, the government aims towards welfare maximisation. (B) Repayment of loan is also capital expenditure because it reduces liability. What is the basis of classifying government expenditure into revenue expenditure and. It is a short period expenditure and recurring in nature which is incurred every year (as against capital expenditure which is long period expenditure and non-recurring in nature). assets. Capital receipts refer to amounts received by a business which lead to an […] This is the basis of classification between the two. If it creates an asset or reduces a liability, it is categorised as capital expenditure. Web Document. Revenue Receipts. This is the basis of classification between revenue expenditure and capital expenditure. COMPARISON BETWEEN REVENUE EXPENDITURE AND CAPITAL EXPENDITURE. These are proceeds of taxes, interest and dividends on government investments, cess and other receipts for services rendered by government. 12:43 mins. What is the difference between a capital expenditure and a revenue expenditure? Difference between revenue receipts and capital receipt. Capital Receipts are received in exchange of sources of income such as capital goods or assets of the organization. On the other hand, fiscal deficit is the difference between the total expenditure and the total receipt of the government. In deciding whether a particular receipt is of a capital or revenue type, the following considerations are considered to be immaterial and not going to decide or change the character or nature of the receipt. Capital Receipts are non-recurring in nature because it occurs only one time for an asset in a year. Similarly, funds raised from Post Office deposits, Public Provident Fund, NSS deposits, etc. Revenue Receipt: Non - Tax Revenue. is central govt. Tax revenue consists of proceeds of taxes and other duties levied by the Union government such as income tax, corporate tax, excise duty, customs […] You will also love the ad-free experience on Meritnation’s Economics Solutions Solutions. 6 False. Tax burden can be shifted to another person. A revenue receipts shall be repetative in nature and shall be shown or credited in the profit and loss account. It is imposed on an individual but is paid by another person either partly or wholly. Loans raised from debenture-holders and financial institutions etc., 4. Capital Receipts: 1. Detailed answer for question - DIFFERENCE BETWEEN CAPITAL RECEIPTS AND REVENUE RECEIPTS posted under taxation, Income Tax posted by Uma FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE Revenue receipts and revenue payments. Balance Sheet and the Final Accounts reflect a fair view of the financial statement of the business only when capital expenditure and revenue expenditure correctly represented. This is the basis of classification between the two. 1) Tax Revenue: - A tax is a legal compulsory payment imposed by the government on the people. Components of Budget. Capital receipts The receipts which create corresponding liability for the government or lead to reduction in assets of the government are termed as capital receipts, e.g. All Economics Solutions Solutions for class Class 12 Commerce Economics are prepared by experts and are 100% accurate. ADVERTISEMENTS: Here we detail about the difference between capital and revenue receipts. Capital receipts are not available for distribution as profits. Difference Between Capital Receipts And Revenue Receipts. are also treated as capital receipts because government has to repay these amounts.Two main examples which reduce assets are (a) Recovery of loan, and (b) Disinvestment. (ii) and (iii) are revenue receipts because these create neither liabilities nor cause any reduction in assets. Foreign government, etc. all questions and answers from the non-operating sources, which are borrowings, can. Accountancy - Not-for-profit organisation and Partnership accounts Chapter 1 accounting for Not-for-profit organisation Solved by experts and are 100 accurate. The Solutions online more in future B ) Repayment of loan is also expenditure! Expenditure into revenue expenditure Economics Solutions Book of Class 12 Economics Chapter 14 are here! Short, when government raises funds either by incrurring a liability or by disposing of or... The role of government budget and it does not create assets for the year 2013 - 2014: (.! 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