what is the meaning of preliminary expenses and how you
shown in balance sheet
- 50 Answers
- 230658 Views
- Banking, BPL, CA, Capital IQ, Chartered Accountant, First Midwest Bank, GE, Glass Wall Systems, Ocwen, Siemens, I also Faced
- E-Mail Answers
Answer Posted / ramesh
(i) Preliminary expenses are the expenses incurred for the
formation of an entity like registration, expenses related
to MA&AA and etc.
(ii) As per Accounting Standard 26 "Intangible Assets", Amounts incurred towards Incorporate an entity (i.e. Start-up costs) will not meet the asset recognition criteria and should be transferred to the P&L A/c in the year in which it is incurred. But for the purpose of calculating Income tax payable, we should add back the entire amount debited to P&L a/c and should deduct 1/5th of the amount allowable U/s 35D of Income tax Act, 1961 and should calculate the deferred tax.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
What is share,Bond, sharecapital, Budgeting, BRS, CA, CL, WC, WACC, Depreciation, types of Depreciation, B/S, CF items and some transactions and Preference Share capital, Equity Share Capital , Debenture and practicle Questions to solve and tell there itself whether the co's good for investing etc..like opinion for problems to find out how good one is with basics.
hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
What are motive behind mergers And acquisitions?
Short answer on Allowances
What is money measurement concept
We are a education institute based in chennai.if i purchase a product in chennai and i transfer it to our branch which is in bangalore. we don't have tin nos,Sales tax nos, cst nos. We have only service tax nos. what is the procedure.
i have need full detail of tds rules and forms submitted dovetails
what is buy bach shares?
Hello Everbody....this saturday i attended the interview of times job fair...were capgemini has called me for technical round ..I am bcom graduate with tally an SAP FICO....Can any body help me ... I wan to know what is this technical round...An what they may ask me ......if any body have question an answer kindly send to my id ..that is damudi123@yahoo.com....or contact me to my number ..+919900410314.Or any body have friends working in capgemini bangalore?Please i need urgent help...thnak you with regards adnan hasan
---------is the main or principle book of accounts
My company's accountant use two different way to calculate Depreciation,one as per Companies Act and another rate for Income Tax calculation. Why we have to use two way to calculate it? Can we just use one way to calculate?
In case of cement plant we have to capitalizee locomotive engine my question is about the rate of depreciation on SM basis and category in which it should be capitalize?
Hi any one send me the configuration steps for make to order and make to stock in sap .send to my mail id c.sujatha2008@gmail.com
after directing tally 9 to calculate interest as per 30 day option basis on a loan account.........,it still calculates interest as per calender month when checked on to display>statements of accounts>interest payable in tally 9 ...where is the error?? how to correct the function.
What is the mening of uidnvhe.?
