Question

Amount a return off from a preliminary expenses is a recorded under ----- heading in the profit and loss account
    

 employee benefit expenses
    

 depreciation and amortization
    

 other expenses
    

 other long term expenses

​

Answer 1

Answer:

In Profit and Loss Account :- Preliminary Expenditure written off during the year should be shown in notes Under 'Other Expenses'.

Explanation:

Step 1:In the balance sheet, preliminary costs essentially belong to the deferred asset category. These are methodically amortised or written off to P&L until the amount is zero. Start-up, Pre-opening, and Pre-operating expenditures must be spent when they are incurred, according to IAS 38.69.

Step 2:Along with the amount that has yet to be documented, which is shown on the financial statement reports, the preliminary costs written off report of the total revenue is recorded and kept in the financial analysis.

Step 3:Preliminary costs are those that an organisation incurs before incorporating and starting operations. Every year, a portion of these costs is charged to the profit and loss account. Preliminary costs are included under "other assets" on the assets side of the balance sheet.

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