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Why discount on issue of debenture is shown as ficitious
assest in Balance sheet ..? same why preliminary expenses
ia also shown as ficitious assets in Balance sheet :?
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Answer Posted / chetan
Discount on issue of debentrue will be consider as a long
term expenses because debentrue is long term investment and
what ever expenses incured to issue we will not show in p&l
account it will be considered for the life time of the
debentrue
And preliminary exp is capital expenditure and what ever
exp incured before incorporation of the comp is considered
to be preliminary exp and it will be write off in 5 equal
installments as per income tax act.
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