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PRELIMINARY EXPENSE NOT WRITTEN OFF
whether preliminary expense not written off is deducted from reserves and surplus or is it shown under asset side?
Replies (2)
Quick Summary
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.
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.
Preliminary expenses should be reported under current assets
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