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hanna thankam koshy   09 September 2021


whether preliminary expense not written off is deducted from reserves and surplus or is it shown under asset side?

 2 Replies

prasad Nilugal

prasad Nilugal   09 September 2021

You have to show under asset side , It is to be written off within 5 year , also allowable Expenditure as per section 35(d) of the Income tax act .

When you write off at the end of the year pass entry
preliminary expense write off A/c Dr
To preliminary expense A/c Cr
( preliminary expense write off )

write off from profit and Loss account.

Sourav (Student)     09 September 2021

Preliminary expenses should be reported under current assets

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