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

Rupesh Jain

Rupesh Jain (Expert)
Follow

07 June 2014 you can show as work in progess as closing stock.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

07 June 2014 refer as 26 which says that expp must be wirrten off to profit and loss a/c

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Phani

Shantaveeresh Manur

SIVALINGAM

mahendra zaveri

vinal

Subscribe Now

Applicability of as -2

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT

Article Assistant