29 October 2012
I am having a doubt on the Treatment of Misc. Expenses not Written Off.
I have formed a new company having its incorporation on 01/01/2012. I have incurred expenditure but till 31/03/2012 i have not started its operations. Now the question is whether to this Preoperative Expense in Assets head or to be shown as a negative figure in Reserves and Surplus- as per Revised Schedule 6.
29 October 2012
Deferred Expenses Preoperative Expenses Didnt Found a Specific place in Revised Schedule. You have to Show Them Under Current Assets Only. As Per Companies act & IT Act, Both, You can Write Off Then 1/5 Every Year.
CAclubindia
