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what is mean by preliminary balance sheet and how did
prepare the balance sheet
what is the meaning of single entry & double entry system
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Answer Posted / sankaranarayanan
Preliminary expenses is an expenses which is incurred by the company before the registration of company, like legal charges, registering fees, etc, whatever the expenses which has been spent by the company to start the new company is called preliminary expenses, later it can be written-off.
It is shown on the assets side of the balance sheet in the last part.
Single Entry system is an incomplete system of recording the transactions, it has been mainly maintained by sole trader(small level business), it will affect only one side.
Double Entry system is an complete system of recording the transactions, there is a debit always there will be credit.
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