Become a Govt. Certified GST Practitioner in just 58 hours. Register Now!

Tally purchase

SUMIT KARESIA (155 Points)

19 June 2018

how to account cost of installation New tally erp 9 ?

Reply
Follow
Share

5 Replies

CA Sunil Kumar (Chartered Accountant) (4524 Points)
Replied 19 June 2018

capitalize in books of account as intangible assets eligible to claim depreciation @ 25%
Accounting entry
Assets A/c __________Dr
To Software Co.______Cr

(Being software purchased)

Software Co. A/c ____Dr
To Cash / Bank A/c __Cr

(Being payment against Invoice)

Upgrade to CAclubindia Pro. Subscribe Now!

Sundararajan S (Final Student of ICAI) (1764 Points)
Replied 19 June 2018

If you wish to take GST credit, you have to account it separately under current Assets.

CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 19 June 2018

Assets A/c __________Dr
To Software Co.______Cr

(Being software purchased)

Software Co. A/c ____Dr
To Cash / Bank A/c __Cr

(Being payment against Invoice)

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 19 June 2018

Is depreciation @ 25% or @ 40% (AY 2018-19)....?

Vinod Babu (24191 Points)
Replied 19 June 2018

Depreciation Rates of computer software for AY 2018-19 as per Income Tax Act is 40%

Computer software means any computer program recorded on any disc, tape, perforated media or other information storage device.