Homework Answers
|
Answers |
Date |
Particulars |
Dr |
Cr |
|
A) |
Jan 1 |
Patent (Intangible asset) a/c Dr |
$70,000 |
|
|
cash a/c |
$70,000 |
|||
|
(Being patent acquired for cash) |
||||
|
B) |
Dec 31st |
Amortisation of Patent a/c (70k/14) Dr |
$5000 |
|
|
Patent a/c |
$5000 |
|||
|
(Being annual amortisation for the year ended dec 31st) |
||||
|
|
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