Preliminary Expenses as Promoter's Contribution

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CA. Ashish Bihani (Querist)
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17 September 2010 Dear Experts,

One of the promoter has incurred preliminary expenses for the company. Can the same be adjusted against his share of capital?

Praveen Sharma

Praveen Sharma (Expert)
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18 September 2010 Preliminary exp. to be woff

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Rasesh

Rasesh (Expert)
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18 September 2010 Adjustment would not be the right method. There has to be physical movement of funds. Eventually, the money would come back to the promoter.

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CA Parag

CA Parag (Expert)
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19 September 2010 Hi Ashish,

Genarally promoters incure expenses on behalf of the Company. So it should be shown as payable to promoters. It can not be adjusted against Share Capital.

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