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.
Nikky Somani (Student CA IPC / IPCC) (28 Points)
31 July 2014The 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.
CA PRIYUL SHAH
(JOB)
(901 Points)
Replied 31 July 2014
Computer under Fixed Assets & Software under Intangible Assets
Fenil Shah
(Audit & Tax Executive)
(402 Points)
Replied 01 August 2014
Computer under Tangible Fixed Asset & Softwares under Intangible Fixed Assets.
CA PALLAVI VOHRA
(Learner)
(140 Points)
Replied 02 August 2014
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