what is the meaning of preliminary expenses and how you
shown in balance sheet
Answer Posted / latha mani.b
Expenses incurred prior to the incorporation of a company
are called preliminary expenses. They are ficticious
assets appearing on the ASSETS side of the Balance Sheet.
Every year a protion of them are written off from the
profit and in the Balance Sheet the total amount of
preliminary expenses is reduced by the amount of expenses
written off.
Is This Answer Correct ? | 38 Yes | 16 No |
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