what about paiten purchese entry in tally and how to treat account accordingly law and regulations please suggest
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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.