What is the treatment of preliminary? is this current assets?
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Answer Posted / h.r. sreepada bhagi
Full name is Preliminary Expenditure. It's neither a Current
Asset of Fixed Asset. It's shown separately on the Assets
Side (In vertical Balance Sheet below Application of Funds)
under the head 'Miscellaneous Expenditure not written of or
adjusted' The amount is written off every year as per the
provisions of applicable Law.
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difition of reserve & surplus
pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
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