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FORM 23ACA

This query is : Resolved 
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(Querist)
04 November 2008 A pvt. ltd co. having no business transactions incurred some pre-operative exps like audit fee, legal fee and bank charges. My query is that whether these expenses will appear in Form 23ACA or not.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 November 2008 No business transactions since when --Pl clarify.
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seema singla

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seema singla (Querist)
04 November 2008 The co. was incorporated on 30/08/2005.Only statutory requirements are followed. No business transaction till now.So these pre-operative expenses should appear in Form 23ACA or not?
Thanx
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 November 2008 No because Form 23 ACA is profit and loss a/c. The company need not prepare profit and loss a/c in the given situation. The said expenses may be suitably grouped in an a/c viz.,Pre production exps, or project development exps etc.,depending on the future plan of the company, and may be carried to balance sheet.
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