Preliminary expense
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2013
how shall i write off preliminary expense amount in new Profit & loss A/c? I mean can i write off it or should i deduct it from reserve in balance sheet?
13 August 2013
u need to adjust them in Reserves in current year profit balance carried to bal sheet.
Ganeshbabu K
(Expert)
14 August 2013
Dr.Profit and loss A/c
Cr.Prelimenary expences A/c
Amortised amount Can be Shown in the face of Statement of profit and loss
And in balance sheet amount of expences to be amortised can be treated as "other current Assets" and rest if any can be treated as "other non-current assets"
Cr.Prelimenary expences A/c
Amortised amount Can be Shown in the face of Statement of profit and loss
And in balance sheet amount of expences to be amortised can be treated as "other current Assets" and rest if any can be treated as "other non-current assets"
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