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Capital expenditure may be described as outlay resulting in the increase or acquisition of an asset ot increase in the earning capacity of a business WHILE Revenue expenditure is such outlay as is necessary for the maintenance of earning capacity, including the upkeep of the fixed assets in a fully efficient state, and the normal total involved in selling, including the cost of goods and services of the business to which it relates.
(i)Sales day book or sales journal
(ii)Purchase day book or journal
(iii)Sales returns or return inwards journal
(iv)Purchases returns or returns outwards day book
(ii)Sleeping or dormant partner
Control account can be defined as memorandum account, the balance of which reflects the aggregate balances of many related subsidiary accounts which are part of the double entry system.
(i)Total debtor control account or sales ledger control account
(ii)Total creditors control account or purchase ledger control account
(i)Control accounts help in locating errors
(ii)It can provide a check on the accuracy of balance o the ledgers
(iii)Fraud will become difficult
(iv)They allow homogenous accounts to be grouped together