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    final acounts.. theviper

    guys,hw do i treat patents in prep of final accounts?

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      Sarah-Demi

      it depends on the context to be honest. If its not mentioned in the workings it goes into the balanced sheet. If it does have workings e.g. patents written off, take away the amount written off which is an expense and put the new figure in the balance sheet after the fixed assets! Theres different workings to do with patents so id really need an example to fully answer your question but hope this helps! This applies to LC as far as i am concerned btw!

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      theviper

      thnx sarah..well i hv a question here nd un askd to prepare a statement of financial position nd a TPL....so its bn stated in the trial balance a value of 30000dolars of patents..so where do i record them?

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      Sarah-Demi

      have you been askd to prepare a balance sheet? :/ Because normally patents are recorded just after the fixed assets

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