Dear Friends
3 questions
1) What are miscellaneous expenses (asset) mentioned in Tally?
2) Also please tell what are fictitious assets?
3) Insurance claim account will be put under what group in Tally?
Please tell with examples if possible.
regards
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Miscellaneous expenses (asset)
Replies (3)
1) Misc Expenses - At the time of Begining of a Company a pre-operative Expensses can be treated as Asset (a long back it was called EDC - Expenses during Construction (Constructing the Company) But year by year a portion will be Expensed off - I hope I am correct with my previous experience.
2) fictitious assets : Intagible Assets - viz., Good will of a Company
3) Insurance Claim - (if already applied/made) Claims Receivable since if you do not received the entire claim balance can be w/off
sir
in tally we will put insurance claim account under which group ?
Insurance claims can't be recognized until there is ani certinity... Recognize only when the amount insurance company..
Insurance amount adjusted with loss of stock/ asset...
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