Treatment of preliminary expenses
This query is : Resolved
02 October 2013
Dear Sir/Madam,
There is a doubt regarding the exhibition of Preliminary Expenses Not written off in the Balance Sheet (under 'Non Current Assets' ).
One section of the auditors feel that as per the revised norms (Schedule VI), the Preliminary expenses should be written off totally in the first year itself and should not be shown in the Balance Sheet. So how to take it forward.
There is a doubt regarding the exhibition of Preliminary Expenses Not written off in the Balance Sheet (under 'Non Current Assets' ).
One section of the auditors feel that as per the revised norms (Schedule VI), the Preliminary expenses should be written off totally in the first year itself and should not be shown in the Balance Sheet. So how to take it forward.
02 October 2013
Better to expense it out in the year of occurrence though another school of thought suggest to put in 'non current assets'.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Royalty payments to the Mining Department for procurement of murum - GST input
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
