1. purchase of tally software is treated as assent or
indirect expenses , then underwhich group it comes on tally
2. outstanding expenses is under what group in tally
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Answer / h.r. sreepada bhagi
Whatever asset is purchased it should be treated as Asset &
will appear in the Balance Sheet. Any software, which can be
used for more than one year shall be treated as asset.
In this case Tally Software should be treated as Asset &
Depreciation Charged on it should be treated as Asset.
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| Is This Answer Correct ? | 38 Yes | 14 No |
Answer / reddy
1. TALLY SOFTWARE IS ONE OF FINANCIAL TRANSFORENT
PART,AND WE SHOULD NOT PROVIDING ANY DEPRICIATION.BECAUSE
THIS IS ONE OF THE " INDIRECT EXPESES "
2. OUTSTANDING EXPENSES ARE WE TREATED UNDER
" CURENT LIBILITY " IN TALLY.
"Iam Reddy"
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / h.r. sreepada bhagi
As mentioned by Ms. Sankeertana, Depreciation must be
treated as Expense & not Aasset as mentioned in my earlier
answer. I regret the mistake by oversight. It's very good
that this mistake is noticed & corrected.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / aneesh bedi
Software purchase is indirect expense as per income tax act.
| Is This Answer Correct ? | 6 Yes | 2 No |
Mr Sripadhji you also posted a wrong answer and incomplete
answer. In your answer You treated Software as Asset and
the depreciation on it is also an asset. Depreciation will
under Expenses Indirect and Outstanding Expenditure under
Current Liabilities Group.
Sankeerthanaannavaram@yahoo.in
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / subbu
You can not capitalised as the license valid for one year. you can account it as expense.
If the license is valid for more than 1 year than it shall be capitalised and shall be amortised at the end of the every year in which its license remains valid of relevent amount......
| Is This Answer Correct ? | 2 Yes | 1 No |
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