My client purchase a car worth $ 53000. He paid by Bank $35000 and rest is by exchange an old car. But the old car is not recorded in the books. How can I record it in my books.
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Car if used for personal, no need to show in books.
And as if now the new car u have to show in books, record it with actual value of purchase i.e, $53000. The entry need to pass is as follows :
Car a/c ... Dr $53000*₹ as per value
to bank a/c $35000*₹
to capital a/c of proprietor remaining value
And as if now the new car u have to show in books, record it with actual value of purchase i.e, $53000. The entry need to pass is as follows :
Car a/c ... Dr $53000*₹ as per value
to bank a/c $35000*₹
to capital a/c of proprietor remaining value
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