Treatment of Accounting
This query is : Resolved
Arun K Moorthy
(Querist)
28 February 2011
A newly constituted partnership firm is purchasing a franchise.How to account the same inorder to get income tax benefits. whether to charge it as goodwill or asset. If goodwill can we charge 25% depreciation as goodwill is treated as intangible asset in AS 26 or to be charged under fixed asset or priliminary expenditure. Can anyone give detailed notes.
28 February 2011
This is entirely a right and it should be accounted as intangible assets.
Arun K Moorthy
(Querist)
01 March 2011
Hi sir thanking u for the valuable reply and if the same is accounted as intangible asset can we claim depreciation @ 25%.
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