Paiten purchese
Sayed Nabil (385 Points)
04 March 2024
what about paiten purchese entry in tally and how to treat account accordingly law and regulations please suggest
8 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 March 2024
What is the meaning of Paiten ? please Clarify . ( is it Asset or Stock purchase or other purchase ?)
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 04 March 2024
Dr. Patent- non current asset
Cr. Bank/Cash
for 3 to 5 years amortize it like
Dr. Amortization
Cr. Patent
and recognize DTA/DTL accordingly as per IT acts
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 March 2024
@ Yasawi Gomed new
Patent is an intangible asset , however in query the spelling is different . please check.
Patent is an intangible asset , however in query the spelling is different . please check.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 04 March 2024
@ Prasad Nidugal this isnt my query. That person wrote a mistake
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 March 2024
Yes , Mr Yasawi Gomes new , agree
For or Discloser in Financial Statement As 26 or Ind AS 38 ( Intangible Asset ) will applicable .
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 04 March 2024
Ok @ Prasud Nilugal, I thought this must be it as well. Im not sure about disclosures cause I rarely use them
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 March 2024
I also thought same way , however no clarification from queriest.
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