Revised schedule vi

This query is : Resolved

Manisha Garg (Querist)
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15 August 2012 Can anyone tell me where to show preliminary expenses in revised schedule VI as there are no note or head assigned for it??

sumit arora

sumit arora (Expert)
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15 August 2012 These are to be shown under head "Other Current Assets"

Manisha Garg

Manisha Garg (Querist)
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15 August 2012 Sumit Arora sir, but preliminary exp has to be written off in 5yrs so how cn it be current assets?? plz clear this point.

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sumit arora

sumit arora (Expert)
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15 August 2012 Dear Manisha Garg,

These will shown under Other Current/ Non current Assets depending on whether the amount will be amortized in the next 12 months or thereafter.

Regards

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CA Guru M

CA Guru M (Expert)
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15 August 2012 Preliminary exp & other items which were to be disclosed under " Miscelleneous exp " in Old Sch VI, are to treated as current assets to the extent to be written off in current financial year & balance to be shown under non current asset.

Manisha Garg

Manisha Garg (Querist)
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15 August 2012 thanks Sumit sir and Guru m sir