Classification

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ANIMESH PANDEY (Querist)
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20 February 2018 Dear Sir,
I have some confusion in classification of few items :-
1) Quick heal antivirus purchased for 3 years , whether to classified as "software under Asset" or "Printing & Stationery under expense".
2) Hard disk purchased for computer to be classified as "computer under Asset " or "Priting & stationery under expense"

Pls guide

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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22 February 2018 An items will be considered as asset if its utility is more than 1 year. If the validity of anti-virus is mentioned for more than 1 year. It has to be classified as an asset. It has to be amortized within period of 5 years. Similar analogy will apply for hard disk as well. It will be classified as computer and depreciation charged accordingly.

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