Question

Which of the following is not an exceptional item in

Q: Answer-Which of the following is not an exceptional item in Profit and loss account?

Extraordinary items are income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the enterprise and, therefore, are not expected to recur frequently or regularly. Examples of extraordinary expenses include middot Sale of an investment in subsidiary and associated companies middot Significant charge in Government fiscal policy middot Discontinuance of business segment. All other are exceptional items Conceptual clarity through class discussions and practice Questions like below

Profit and loss account?

A Write off of preliminary expenses

B Abnormal loss on long term contract

C Amount received in settlement of insurance claims

D Sale of investment in subsidiary and associate

E Profit and loss from disposal of fixed assets

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Which of the following is not an exceptional item in

Solution