Advance received in connection with the contract to supply goods which was later on forfeited for breach of contract, it is an example of ______________.

Revenue receipt

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Capital receipt

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Deferred revenue receipt

No worries! We‘ve got your back. Try BYJU‘S free classes today!

None of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A Revenue receipt
Revenue receipts are money received by a business as a result of its normal business operations. In this way, revenue receipts affect the profit or loss of a business. Capital receipts are non-recurring receipts that either increase a liability or decrease an asset.

Suggest Corrections

Similar questions

Q. Legal expenses incurred to defend a suit for breach of a contract to supply goods will be treated as___________.

Q. Breach of a "Warranty" in a contract of sale of goods, gives the right to _______.

Q. The breach of a "condition" in a contract of sale of goods, gives the right to _______.

Q. Solve.
On 1st June, X contracted to supply V 1000 cubic feet of Finland Timber Rs. 500 per cubic feet to be delivered at Mumbai from 1st July to 30th September. On 15th June, X informs that he could not supply those. goods. The rates of timber per cubic feet on various dates were-on 15th June Rs. 1,200, on, 1St July Rs 1,300, on 30th September RS. 1,400. State the legal position in each of the following alternative cases:
Case (a) If Y filed a suit for breach of contract on 15th June.
Case (b)It Y filed a suit for breach of contract on 30th September
Case (c) If on 29th September the import of such goods was banned and Y filed a suit for breach of contract on 30th September

Ditrama is a federation made up of three autonomous regions: Korva, Mitro, and Guadar. Under the federal revenue-sharing plan, each region receives a share of federal revenues equal to the share of the total population of Ditrama residing in that region, as shown by a yearly population survey. Last year, the percentage of federal revenues Korva received for its share decreased somewhat even though the population survey on which the revenue-sharing was based showed that Korva's population had increased.

If the statements above are true, which one of the following must also have been shown by the population survey on which last year's revenue-sharing in Ditrama was based?

Join BYJU'S Learning Program