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
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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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