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what is the meaning of preliminary expenses and how you
shown in balance sheet
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Answer Posted / quaser hussain syed
before installation of company expenses is called
preliminary expenses.which can be written off in following
years.
journal entry:
1.preliminarily expenses a/c dr
to cash a/c
group: miscellaneous exp (asset) asset side in balance sheet
group: cash in hand
2. preliminary exp written off a/c dr
to preliminary expenses a/c
group: indirect expenses
group: miscellaneous exp (asset)
this is the solution for this operation.
my answer is 100% correct
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