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Accounting treatment of preliminary exp

This query is : Resolved

gururaj (Querist)
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11 February 2012 Preliminary exp of Rs.50000/- incurred by the promoter director. what the entry should be passed in the books of company? whether the company is liable for the said dues to the directors?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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11 February 2012 all the expenses incurred by the promoter shall be placed before the board in the meeting and taken on record and accounted for.. the same shall be reimbursed to the promoter..

Preliminary expenses shall be classified under misc. assets in Balance sheet and may be written over a period of 5 years,, and claimed for..

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