Software Purchased

Hi, We bought a software for our supermarket , the amount of RS 50000/- GST Not yet registered, software bought without GST.

 

What is the entry, Purchase entry, Depreciation Entry.........etc. (Want full entries and Life)

 

 

Thanks   

Replies (3)
Quick Summary
This discussion covers the accounting entries for a supermarket software purchase of RS 50,000, bought without GST. It clarifies how to record the initial purchase, depreciation, and the treatment of intangible assets. The advice suggests separating intangible assets from fixed assets for depreciation purposes and asks for clarification on whether the purchase is a one-time fee or an annual renewal.

 

the entries are same amortisation to accumulated amortisation. 

 

Hi forgot, intangible asset is not included into fixed asset. Treat it separately and depreciate it. 

Is it a one time purchase fee or have to pay every year for renewal?

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