26 June 2012
Manfacturing company,incorporated in 1994 and started commercial production in 2007. rent, salaries, r & d,raw material purchases( on them vat, excise duty)business promotion exp etc. how to treat them in accounts and income tax. as per revised AS 26 there is no treatment for preoperative expenses. correct me if i am wrong.
27 June 2012
The entire preoperative expenses shall be divided between the existing asset of the company as on the date of starting commercial production.
CAclubindia
