17 June 2008
A company was incorporated on 12.2.07. It commenced business only on 1.7.08.It had incurred expenses amounting to Rs.500,000/- prior to march 07. If the company prepares accounts for 2006-07 as per companies act, will it have to prepare a profit& loss A/c and writeoff this amt as per AS-26 or any other method can be followed?
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