Dear All,
Please let me know how to set off preliminary expenses with other Current Assets account at the year end.
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Preliminary expenses set off
Replies (1)
Dear jacky
prelimenary exp. is not set off againest current assets,it incured in the beginig of the business started.
preliminary exp only set off againest reserve & surplus over the life of the business.
accounting entries for written off prilimenary exp.
profit and loss a\c Dr
general resrve a/c Dr
To preliminary exp (full/partily Amount)
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