Treatment of accounting software

This query is : Resolved 

08 August 2011 Busy software purchased for rs. 7256.
It is intangible asset or tangible asset(computer &peripherals or expenses

thanks in advance

08 August 2011 If it has separate identity then it must intangible asset.
if it not sepretable like added or available only with some hardware like inbuilt in computer then it is tangible!

as per GAPP . Software can be added in computer & peripheral
and most of the company below 5000 asset treated as revenue expenditure so you can capitalised it. And charged dep@60% on computer as per I.T. Or 25% as intangible asset

08 August 2011 I agree with the expert but if the ownership and benefit is for more than 2 years then it is a capital assets or otherwise it is a revenue expenditure.




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