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.
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