Company is raising capital and it incurred some lawyers fees to write a contract for investors and have hired a consultant to find investors. Can I offset the cost of the consultant and legal fees against the capital raised and how would I treat this expense on the balance sheet?
Is there any official accounting literature exist about how to treat cost of raising capital? Should the costs be expenses or capitalized?

We don't normally answer homework questions, as this obviously is.

The above nemtioned costs are amortized over a period,usually leass than 5yrs. Looks up FASBS pronouncements and new regulations which address these issues. Contact the aicpa near your location for info.