Public issue expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 October 2012
pl provide the treatment of public issue expenses of Rs 65 lacs, in current year both as per IT and as in accounts
19 October 2012
Public issue expenses are nothing but preliminary expenses and you should show it under miscellaneous assets on the asset side of the balance sheet.
Every year you should write off this against your profit for the year in five equal installments.
say current year is 2012-13 then written off will be as under:
year exp writtenoff bal in b/s
2012-13 65,00,000 13,00,000 52,00,000
2013-14 52,00,000 13,00,000 39,00,000
2014-15 39,00,000 13,00,000 26,00,000
2015-16 26,00,000 13,00,000 13,00,000
2016-17 13,00,000 13,00,000 nil
Every year you should write off this against your profit for the year in five equal installments.
say current year is 2012-13 then written off will be as under:
year exp writtenoff bal in b/s
2012-13 65,00,000 13,00,000 52,00,000
2013-14 52,00,000 13,00,000 39,00,000
2014-15 39,00,000 13,00,000 26,00,000
2015-16 26,00,000 13,00,000 13,00,000
2016-17 13,00,000 13,00,000 nil
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