Applicability of as -2
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2014
A pvt ltd company incorporated in F Y 2013-14 developing a type of intangible assets for sale in the ordinary course of business. Its a type of software used in a particular industry. Once it is developed it can be sold for any number of times like tally, winman etc. only renewal or updation is required.In the FY 2013-14 the company is in the process of developing the particular software. The sale comes only on next F Y.
My question is what is the treatment of cost incurred for developing the software up to 31-03-2014 in the financial statements as on 31-03-2014, whether it is treated as Work in process or not
My question is what is the treatment of cost incurred for developing the software up to 31-03-2014 in the financial statements as on 31-03-2014, whether it is treated as Work in process or not
Rupesh Jain
(Expert)
07 June 2014
you can show as work in progess as closing stock.
07 June 2014
refer as 26 which says that expp must be wirrten off to profit and loss a/c
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