PREOPERATIVE EXPENSES

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Pankaj Mittal (Querist)
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06 November 2009 A limited co. incorporated in Jan.2009 till march'09 it has purchased machine, furniture etc. and not commence its business. My query is,(1)whether the expenses incurred upto march'09 is to be debited in preoperative expenses and not prepare P & L a/c or claim business loss. (2) if debited in preoperative expenses how can file Form 23ACA in ROC

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 November 2009 Debit the revenue expenses in preoperative expenses. In the notes on account, along with others , mention that no profit and loss account is prepared since the company has not commenced its business. Attach this 'notes on account' to e-form 23 ACA and upload.

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