purchasing of software more than Rs.8000/- will be treated as
expense or assets
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Answer / bijay
as per company need.buy software is an assets for your
company of taking as 60%WDV deprication
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / rahim khan
It will be treat as expenses because it is not capitalize
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / sandeep_mishra19
if software increase economic benefit for company it must be treated as asset otherwise it is an expense,
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / jagadish.r
Its an asset comes under the head fixed assets.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / venkatreddy
sowft ware is asset
entry :
saftwere a/c dr
cash a/c
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / balu
The company development depends by the using of that
software it will treat "Asset" other wise Expenses.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / h.r. sreepada bhagi
Any asset purchased should capitalised. Those assets valued up to Rs. 5000/- can be depreciated 100% in the year of purchase & assets of higher value should be depreciated as per the Companies Act, 1956 for Companies and for Income Tax purposes as per the Income Tax Act (in India)
| Is This Answer Correct ? | 0 Yes | 0 No |
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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