:confused:
What are the journal entries used related to patent? And the computations used in getting it?
Thanks.. ;)

You paid something for the patent right? So you will need to credit cash...

The patent itself is an asset right? Hmmm maybe a debt here...

Is this a homework question if so please see the big red note at the top of the accounting board!

When you purchase a patent you will capitalize the cost.

Also a patent is depreciated

Any legal costs to successfully defend the patent are capitalized as well.

Also you need to check for impairment of the patent.

Where I will entry patents in p and l a/c or balance sheets

A patent is an intangible asset and will be on the balance sheet