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Categories >> Accounting >> Accounting General
 
 


 

 
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 Accounting General interview questions  Accounting General Interview Questions (2812)
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Question
how we will account the preliminary expenses in journal and
ledger as well as balance sheet?

 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
General entry for preliminary expense is as under:

1.

Preliminary expenses (Dr) 1000
Cash/Bank (cr) 1000

When you write off

Expenses written off Dr (indirect exp) 500
Preliminary Expenses Cr. 500

Now at the end of year for full adjustments:

Profit & loss Dr. 500 (balance amount which is left)
Preliminary expenses Cr. 500

there are three entries which are to be passed to adjust the
preliminary expenses.
 
Is This Answer Correct ?    12 Yes 2 No
Raja Umar
 
Answer
# 2
Journal : If you wish to written off your Preliminary
expenses
preliminary Exp A/c Dr. 1000
To Cash / Bank 1000
( Being Preliminary expenses written off rs 1000)
Ledger : you should have show the written off amount rs
1000 in debit side of P & L A/c

Balance Sheet : You Should have Asset side under the head
of Miscellaneous Expenditure - preliminary Exp. Written of
rs 1000

Otherwise if you not written off any amount during the
year, you should have only show the opening balance of
amount in assets siede

S. Vijaya Kumar M.Com
 
Is This Answer Correct ?    15 Yes 7 No
Vijaya Kumar
 
 
 
Answer
# 3
dear vijaya kumar priliminary expends does not depriciate
100% on the same year, u shuld depriciate 20% p.a
the remain answer is currect

Vijay Ram. s
 
Is This Answer Correct ?    5 Yes 2 No
Vijayram.s
 
Answer
# 4
Mr.Vijay kumar
You pass the journal entry for preliminary expenses and you
write the narration for write off entry.I dont understand
that which was correct?
 
Is This Answer Correct ?    2 Yes 1 No
Md
 
Answer
# 5
I think what Raja Umar said is an Exact Answer.... 
Is This Answer Correct ?    0 Yes 0 No
Venkat Raman
 

 
 
 
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