Booking of payments for purchase of software
This query is : Resolved
09 November 2024
Sir,
Payments made for purchase or use of softwares like Tally.
Should the said payments be booked under "Royalty" or "Repairs and Maintenance"?
Payments made for purchase or use of softwares like Tally.
Should the said payments be booked under "Royalty" or "Repairs and Maintenance"?
09 November 2024
Since accounting software like Tally is a long-term asset and provides benefits over a period of time (typically more than a year), it is generally classified as an intangible asset. You can book the purchase under "Intangible Assets" or "Software" in the balance sheet.
Journal entry example:
Debit: Intangible Assets (Software)
Credit: Bank
Journal entry example:
Debit: Intangible Assets (Software)
Credit: Bank
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- GST not cancelled by tenant
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- FORM 141 SDV query
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
