Treatment of Preliminary Exp. in books
This query is : Resolved
CA Sahil Singla..
(Querist)
15 April 2011
Sir
As per AS 26, Intangible Assets, Preliminary Expenses incurred by entity should be written off as soon as it is incurred. So,does it mean that we have to prepare profit & loss A/c for the periods before the entity comes into Existence ?
How can be this done ? Please Clarify bcoz we usually don't prepare such P/l A/c & write off preliminary Exp. in 5 years from the year the entity come into existence.
As per AS 26, Intangible Assets, Preliminary Expenses incurred by entity should be written off as soon as it is incurred. So,does it mean that we have to prepare profit & loss A/c for the periods before the entity comes into Existence ?
How can be this done ? Please Clarify bcoz we usually don't prepare such P/l A/c & write off preliminary Exp. in 5 years from the year the entity come into existence.
CA Sahil Singla..
(Querist)
15 April 2011
plz reply...is this query so difficult ?
it's d basic question
it's d basic question
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