The company i am auditing has purchased tally erp 9 software and microsoft office home and business 2013 along with computer. In which head to classify the same in fixed asset schedule.
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Classification of fixed asset
Replies (3)
It should be classified under software
Refer AS 26
if in invoice, Seperate Amount is charged for software then book seperately under the head of software. if in invoice, seperate amount is not charged for software, then capitalise with the head of computer.
Agrred with Sanjeet
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