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what is the meaning of preliminary expenses and how you
shown in balance sheet
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Answer Posted / anjali
preliminary expenses are incurred in the formation of a company or before incorporation . some examples are fees to ROC, licence fees , legal charges and other incorporation related charges incurred by the promoters. preliminary expenses are shown on the assets side of the balance sheet and amortised over the first 5 years as per the INCOME TAX ACT,1961.The amortised amount is written off in the P/l a/c on the debit side.
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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