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Miscellaneous expenses (asset)

Shivani (Learner) (1881 Points)

24 November 2015

Dear Friends

3 questions

1) What are miscellaneous expenses (asset) mentioned in Tally?

2) Also please tell what are fictitious assets?

3) Insurance claim account will be put under what group in Tally?

Please tell with examples if possible.

regards

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3 Replies

V P Narasimhan (Accounts Manager) (791 Points)
Replied 09 December 2015

1) Misc Expenses - At the time of Begining of a Company a pre-operative Expensses can be treated as Asset (a long back it was called EDC - Expenses during Construction (Constructing the Company) But year by year a portion will be Expensed off - I hope I am correct with my previous experience.

2) fictitious assets : Intagible Assets - viz., Good will of a Company

3) Insurance Claim - (if already applied/made) Claims Receivable since if you do not received the entire claim balance can be w/off

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Shivani (Learner) (1881 Points)
Replied 13 December 2015

sir in tally we will put insurance claim account under which group ?

jaya krishna (Chartered Accountant) (262 Points)
Replied 13 December 2015

Insurance claims can't be recognized until there is ani certinity... Recognize only when the amount insurance company.. Insurance amount adjusted with loss of stock/ asset...