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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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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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