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ACCOUNTING ENTRY FOR PURCHASES OF NEW CAR WITH TCS DEDUCTED

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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12 November 2021 SIR,
It assess purchases of new car value rs:13,45,298/- tcs deducted value rs:10340/-
Question:
Assess how to passed accounting entries in books and which amount for car value.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 November 2021 Dr. Car Rs. 13,45,298/-
Dr. Income tax paid Rs. 10,340/-

To Bank 13,55,638/-

Message likes : 1 times

PARAS CHHAJED

PARAS CHHAJED (Expert)
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13 November 2021 Rs.13.45 lacs might include insurance premium. If it is so, then reduce the value of the car by that amount and debit the insurance premium as insurance expenses.

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