Paiten purchese

what about paiten purchese entry in tally and how to treat account accordingly law and regulations please suggest
Replies (8)
Quick Summary
This discussion clarifies the accounting treatment for 'patent purchases' in Tally, identifying patents as intangible non-current assets. It outlines the process of debiting the patent account and crediting bank/cash, with subsequent amortisation over 3-5 years. The advice also touches upon the relevant accounting standards (AS 26 or Ind AS 38) for disclosure in financial statements.

What is the meaning of Paiten ? please Clarify . (  is it Asset  or  Stock  purchase or  other purchase ?) 

Explain in detail

Dr. Patent- non current asset

Cr. Bank/Cash

for 3 to 5 years amortize it like

Dr. Amortization

Cr. Patent

and recognize DTA/DTL accordingly as per IT acts

@ Yasawi Gomed new

Patent is an intangible asset , however in query the spelling is different . please check.

@ Prasad Nidugal this isnt my query. That person wrote a mistake

Yes , Mr  Yasawi Gomes new , agree

For or  Discloser  in Financial  Statement   As 26  or  Ind AS 38 ( Intangible  Asset  ) will  applicable . 

 

 

 

 

 

 

Ok @ Prasud Nilugal, I thought this must be it as well. Im not sure about disclosures cause I rarely use them

I also thought same way , however no clarification from queriest.

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