Assets book as expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2015
Hi, In our company we buy some batteries,that book as expenses, now we buy new batteries in replacement of old,and we get some value of old batteries.
my query is that what is the entry of that amt i should pass.
Ex. Old Batteries value is 114000
New batteries value 170000
old batteries taken at value 30000
So what is the entry of 30000 i should passed?
my query is that what is the entry of that amt i should pass.
Ex. Old Batteries value is 114000
New batteries value 170000
old batteries taken at value 30000
So what is the entry of 30000 i should passed?
12 March 2015
If Batteries are considered as Capital items, then the entry will be as under:-
(1)Party A/c Dr. 30,000
To Sale of Assets A/c 25,000
CST/ VAT 5,000
(For booking the transaction)
(2)Bank A/c Dr. 30,000
To Party A/c 30,000
(For receipt of payment)
If Batteries are considered as Revenue items,then the entry will be as under:-
(1) Bank A/c Dr. 30,000
To Sundry Receipts 30,000
(For receipt of payment)
(1)Party A/c Dr. 30,000
To Sale of Assets A/c 25,000
CST/ VAT 5,000
(For booking the transaction)
(2)Bank A/c Dr. 30,000
To Party A/c 30,000
(For receipt of payment)
If Batteries are considered as Revenue items,then the entry will be as under:-
(1) Bank A/c Dr. 30,000
To Sundry Receipts 30,000
(For receipt of payment)
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 April 2015
Thanks For Kind Support
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