is separable (capable of being separated and sold, transferred, licensed, rented, or exchanged, either individually or together with a related contract)
THIS DEOSNT MEAN ITS REVENUE EXPENDITURE.
Your both wrong because this can serve as a prototype as well. It can be used inhouse or sold as well. But its still an intangible asset.
if the asset is 80, and 194j is 20 and tds is 10 per say
Dr. Intangible asset 80
Dr. 194J asset 20
Cr. Payables 90
Cr. TDS 10
You developed it just now and not in production yet. So this can be called as deferred expense but not deferred revenue expense because its long lived asset and revenue expenses are short lived and expensed. Besides Software is an intangible asset when developed but not put into inventory yet
CAclubindia
