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how we will account the preliminary expenses in journal and
ledger as well as balance sheet?
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Answer Posted / raja umar
General entry for preliminary expense is as under:
1.
Preliminary expenses (Dr) 1000
Cash/Bank (cr) 1000
When you write off
Expenses written off Dr (indirect exp) 500
Preliminary Expenses Cr. 500
Now at the end of year for full adjustments:
Profit & loss Dr. 500 (balance amount which is left)
Preliminary expenses Cr. 500
there are three entries which are to be passed to adjust the
preliminary expenses.
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