What will be the accounting entry for sale of new car in exchange of an old car both at the time of acquiring the old car and later reselling the same in exchange.
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 25 November 2014
Old Car Purchased @ 300000
New Car @ 500000
Depreication till date @ 200000
Reduced old car Value @ 100000
New Car A/c Dr 500000
To Old Car A/c 100000
To Bank A/c 400000
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