Revised schedule vi
This query is : Resolved
05 July 2012
Kindly guide about treatment of Preliminery Exp. in Revised Schedule VI.
05 July 2012
revised schedule doesnot speak about prelim expenditure,however there is a guidance note on it,where unamortised expenses can be shown under current assets/non current,also p&l account debit side can now no longer be in asset side ,rather it must be deduted from reserves
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05 July 2012
Revised schedule VI does not speak specifically about treatment of preliminary expenses. But as per GN issued by ICAI it says..
The companies can disclose the unamortized portion of such expenses as “Unamortized expenses”, under the head “other current/ non-current assets”, depending on whether the amount will be amortized in the next twelve months or thereafter.
So, if the amount will amortise in next 12 months - under Current and if after 12 month - Non-current.
The companies can disclose the unamortized portion of such expenses as “Unamortized expenses”, under the head “other current/ non-current assets”, depending on whether the amount will be amortized in the next twelve months or thereafter.
So, if the amount will amortise in next 12 months - under Current and if after 12 month - Non-current.
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05 July 2012
Thx......
in Profit and Loss account......what to do about amortized or written off portion of Preliminary Exps. .....
Under Which Head, it should be charged ???
in Profit and Loss account......what to do about amortized or written off portion of Preliminary Exps. .....
Under Which Head, it should be charged ???
05 July 2012
That will be shown under Other Expenses - Misc. Expenditure as a seperate line item.
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05 July 2012
yes ravi is correct
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