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 (4)
In my opinion intangible assets
Computer under Fixed Assets & Software under Intangible Assets
Computer under Tangible Fixed Asset & Softwares under Intangible Fixed Assets.
Agree with above replies.In Support of this, please refer to the below link -specifically para 7-10 and para 20, 21 and Illustration A.
https://www.mca.gov.in/Ministry/notification/pdf/AS_26.pdf
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