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ACCOUNTING ENTRY FOR PURCHASES OF NEW CAR WITH TCS DEDUCTED

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(Querist)
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.
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Dhirajlal Rambhia

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

To Bank 13,55,638/-
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PARAS CHHAJEDpro badge online (Expert)
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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