Preliminary expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2012
what is the treatment of preliminary expenses in accounts?
whthr it will come in
asset side of balance sheet
or
directly charge to p/l a/c
as per revised schedule 6
whthr it will come in
asset side of balance sheet
or
directly charge to p/l a/c
as per revised schedule 6
16 July 2012
Charge it fully to P/L.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2012
can u gv me logic behind this?why cnt i show it as other current asset
16 July 2012
Sir,
Refer As-26 on Intangible Assets.As per AS- 26 it does not meet the definition of asset.You cannot amortise it and show the balance in current asset.It should be expensed in the year of incurrence.
Refer As-26 on Intangible Assets.As per AS- 26 it does not meet the definition of asset.You cannot amortise it and show the balance in current asset.It should be expensed in the year of incurrence.
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