ACCOUNTING ENTRY FOR PURCHASES OF NEW CAR WITH TCS DEDUCTED
This query is : Resolved
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.
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.
12 November 2021
Dr. Car Rs. 13,45,298/-
Dr. Income tax paid Rs. 10,340/-
To Bank 13,55,638/-
Dr. Income tax paid Rs. 10,340/-
To Bank 13,55,638/-
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- REGARDING GST LIABILITY/....
- Suggestions required for income tax filing-software (FY 2025-26)
- Loan by Partnership Firm
- E way bill for tractors
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
