what is the meaning of preliminary expenses and how you
shown in balance sheet
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Answer Posted / noufal muhammed
Preliminary expenses is the expenses which are incurred prior to the incorporation of a company, such as legal expenses,registration fees and other promotional expenses.It will shown on the debit side of Profit & Loss Account and will be written off each year from the profit of the company.It's a current asset in nature and shown in the asset side of balance sheet under miscellaneous expenditure (fictitious asset).
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