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Preliminary expenses in vertical balance sheet. Preliminary expenses are shown in the balance sheet under the head - A Fixed assets B Investment C Loans Advance D Misc. The preliminary expenses are amortized or written off in five years for the purpose of Income Tax in India. Interest paid out of capital during construction.
The portion which is written off from the gross profit in the current year is shown on the income statement and the remaining balance is placed in the balance sheet. These are all comes under preliminary expenses in simple words preliminary expenses are the expenses that spent by the promoters before the incorporation of company The benefit of the preliminary expenses is long-term so it is treated as intangible asset and shown in Balance sheet under Miscellaneous assets. AS 26 suggests writing off intangible assets over a period of 10 years though a different period is permissible if it is justified in the opinion of the management.
Accounting for preliminary Expenses. Managing your expenses has never been easier. Shown in Financial Statements Also known as pre-operative expenses preliminary expenses are shown on the asset side of a balance sheet.
Market and other survey cost. Check the below NCERT MCQ Questions for Class 12 Accountancy Chapter 8 Financial Statements of a Company with Answers Pdf free download. Preliminary expense are a sort of capital expenditure which may be written off over a period of years.
The expenditure on preliminary expenses shall not be carried forward in the balance sheet to be written off in subsequent accounting periods. Following are their Balance Sheets as on 31st December 2003. Are in the same line of business.
Balance Sheet as on 31st December 2003 Liabilities X Ltd. 500000 Preliminary Expenses 500000 Convert the above Balance sheet in to Vertical form and find. Preparation of project report.
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