if we pay a amount for software purchase for our company at one time. what should be the account head and is it an fixed assets? what should i pass the journal for this? need to know my all account savvy.
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Account head quary
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u can use "computer software" as account head. yes, it is an intagible fixed asset on which dep. @ 25% will be charged.
thanks buddy. is it also able to take 'software and hardware'?
journal entry will be "computer software a/c debit to cash/bank a/c"
u cannot use the word hardware because computer hardware are charged to dwp. @ 60% and hence diff. block of assets.
thanks a lot dude. will you give me a concept about intagible fixed asset?
in simple words, all those fixed assets which do not physically exist are known as intangible assets.
simply you are rock buddy.....
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