Tangible & Intangible current assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2010
Hi, will debtor, cash at bank & prepaid expense be an intangible current asset? if not then why.
08 August 2010
The question relates to conceptual clarity.
First of all; better say what do you mean by tangible asset and intangible asset ?
Also tell what do you mean by Current Assets ?
I hope the moment you will try to know about these; you would automatically know each and every thing about all.
Tutorials :
---------
Refer your book carefully.
Still if there is a query, ask with all your doubts.
I will try my best to reply to your satisfaction.
First of all; better say what do you mean by tangible asset and intangible asset ?
Also tell what do you mean by Current Assets ?
I hope the moment you will try to know about these; you would automatically know each and every thing about all.
Tutorials :
---------
Refer your book carefully.
Still if there is a query, ask with all your doubts.
I will try my best to reply to your satisfaction.
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2010
I still dont get any clarity. Please help me.
09 August 2010
An intangible asset is an identifiable non
without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.
Analysis of Definition (read with definition of Asset)
1. Identifiability
2. Control by enterprise
3. Expectation of future economic benefits
Any expenditure not meeting definition of intangible asset, are
expensed when incurred.
non-monetary asset,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
without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.
Analysis of Definition (read with definition of Asset)
1. Identifiability
2. Control by enterprise
3. Expectation of future economic benefits
Any expenditure not meeting definition of intangible asset, are
expensed when incurred.
non-monetary asset,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
Message likes :
2 times
09 August 2010
You can also check AS 26 for details.
Please check this link----
https://www.mca.gov.in/Ministry/notification/pdf/AS_26.pdf
Please check this link----
https://www.mca.gov.in/Ministry/notification/pdf/AS_26.pdf
Message likes :
1 times
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- Taxation on LTCG for property sold after 24JUL2024
- GST ON DAMAGED GOODS
- Tax liability on income of freelancer
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
