guys,hw do i treat patents in prep of final accounts?
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!
have you been askd to prepare a balance sheet? :/ Because normally patents are recorded just after the fixed assets