Intangible current assets - need clarity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2010
Can someone please clarify whether debtor, cash at bank will be called intangible current asset?
09 August 2010
Current Assets are tangible assets and not intangible assets.
Assets may be classified as under :
(a) Current Assets
Assets which are in the form of cash or convertible into cash easily are called current assets. Cash, Bills Receivable, debtors and stock are current assets.
(b) Fixed Assets
Assets in the form of immovable properties like furniture, land, building and Machinery are called fixed assets. These are not for conversion into cash.
(c) Intangible Assets
These are the assets which cannot be seen like goodwill, patents, etc.
Assets may be classified as under :
(a) Current Assets
Assets which are in the form of cash or convertible into cash easily are called current assets. Cash, Bills Receivable, debtors and stock are current assets.
(b) Fixed Assets
Assets in the form of immovable properties like furniture, land, building and Machinery are called fixed assets. These are not for conversion into cash.
(c) Intangible Assets
These are the assets which cannot be seen like goodwill, patents, etc.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2010
The current assets like prepaid expenses will not be called tangible current asset. Please clarify
09 August 2010
Please go through AS 26 for details---
https://wirc-icai.org/material/As%2026%20on%20Intangibles%20for%20Printing%20%5BCompatibility%20Mode%5D.pdf
https://wirc-icai.org/material/As%2026%20on%20Intangibles%20for%20Printing%20%5BCompatibility%20Mode%5D.pdf
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