can anyone tell me treatment of preliminary expences as per accounting standards generally accepted in india
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Treatment of Preliminary Expences
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Ideally to be written off in the year of incurrence
Preliminary Expenses is an Intangible asset has to be written off in 5yrs equally. The amount written off during the year has to be taken to P&L A/c and the amount to be written off has to be shown in Balance sheet.
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