Dear All,
Please let me know how to set off preliminary expenses with other Current Assets account at the year end.
vineet kumar
(Student CA IPC / IPCC)
(85 Points)
Replied 06 October 2014
Dear jacky
prelimenary exp. is not set off againest current assets,it incured in the beginig of the business started.
preliminary exp only set off againest reserve & surplus over the life of the business.
accounting entries for written off prilimenary exp.
profit and loss a\c Dr
general resrve a/c Dr
To preliminary exp (full/partily Amount)
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
CAclubindia
