Write off of Miscellaneous Exp. in Balance Sheet
This query is : Resolved
11 April 2010
Does the Companies Act prescribe a particular number of years to write off Miscellaneous Expenditure (eg.Share Issue Expenses) in the Balance Sheet in Schedule VI?
11 April 2010
There is no specific period prescribed under the companies act. However, most companies write off such amounts in five years.
14 April 2010
Dear Ankush, After AS 26 has been made mandatory, miscellaneous exp. will be written off in the year in which it is incurred so there is no question of no.of years.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
18 August 2010
To comply with section 211(3C) of the Companies Act,1956 the accounting standard 26 ,among others,has to be necessarily followed. So the entire expenditure should be written off in the initial year itself.
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