Mr.A (proprietor of Crackers Shop) has paid a sum of Rs.1,00,000 for explosive license for 5 years. Whether it is an asset or expense? If it is asset, whether it has to be written off over a period of 5 years.
Magesh (Student CA IPC / IPCC) (45 Points)
06 August 2015Mr.A (proprietor of Crackers Shop) has paid a sum of Rs.1,00,000 for explosive license for 5 years. Whether it is an asset or expense? If it is asset, whether it has to be written off over a period of 5 years.
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 06 August 2015
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