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Differentiate between the capital and revenue items

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Mehra & Sons purchased a second hand light motor Vehicle at a cost of Rs 2 lacs. Additionally, various accessories costing Rs50000 were also purchased along with the Vehicles which are required to be replaced on a yearly basis.

Question 1: Mr. Mehra wants to write off the overall outflow in Income statement Discuss, whether he is correct or not? Discuss the need to differentiate between the capital and revenue items? How these items are to be treated in the financials of the company? Give reasons supporting the same

Reference no: EM132493861

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