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preliminary Expenses

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(Querist)
27 May 2011 What will the treatment of expenses before start of business and VAT registration in case of Partnership Firm? The expenses has been incurred by partner itself What is the accounting entry?
Plz explain in detail?
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
05 June 2011 After forming partnership firm and before start of business VAT registration will be treated as a business expenditure because this after firm registration this is a step forward for business activity. If it is paid by partner's personal account so debit the VAT Registration expenses and credit the Partner's capital/current account as the case may be.
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