PREOPERATIVE EXPENSES
This query is : Resolved
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
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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