My point was Software purchased of Rs.7.18 lakhs debited to Computer Consumables : Softwares purchased debited to "Computer Consumables" instead of as Computer Software (Intangible Asset covered under AS- 26).

But manager's response was
It is a computer application software and right to use is given and not the right to ownership. Hence it is a revenue expense and accordingly charged off. The life of every software version is very shot till the new one hits the markets, at that time such license becomes obsolete.

Plz tell me what is right ?

ADOBE CS4 DESIGN STD UPG FROM CSI TO CS4 PHOTOSHOP SOFTWR PURCHASE (License Copy)whether it should be capitalized or debited to P&L

Hi
Respected Member

I Want to know what is share warrant and when it is issued by company and in what circustances?

What is the benefit for company and shareholders of share warrant?

I want to know in depth it is urgent

please help

Thanks in advance

Mine is a proprietorship concern. I would like to start concurrent audits as well as the statutory audits of banks. Please guide me regarding the eligibility criteria for the same. I have enrolled for ISA exams. will it be beneficial?

In Animation system company which type of Expenses are debit in Production Expenses..

Discount received on purchase of capital assets
where we account this in financial statement???

1.what supporting document should i ask the entity for verification of f.d??
2.what contents to be check ?
3.how much value of f.d to be taken in financial statement ?

queries
1.how can i verify the investment in securities purchased by entity in demat
form ?

2.what evidence should i ask the auditee to verify investment in securities purchased by entity in demat form ?
3.what contents should i check ??

Dear All
During the course of internal audit, i came across the following case

The company A Ltd - a manufacturing company based in Bangalore. A Ltd has a Joint venture entity in Bahrain called AB WLL, where they have an equity participation of 30%.

A Ltd has supplied goods to AB WLL. The JV company has not paid any money for the same and the outstanding is more than 4 yrs.

The statutory auditors has not commented anything, nor A Ltd has made any provision towards Bad Debts.

Request you to kindly clarify the implication from the FEMA, Direct and Indirect Tax point.

Thanks and Regards
J.Madhukar Bhat
Bangalore

hi............can anyone plz tell me wat to do in cases where the bill given by supplier shows the transport charge only??? whether in that case i need to note down that TDS has not been deducted.n wats the rate ......... is it 1% ?????? plz reply