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Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 May 2012 in case of a company m having foll. balances in car a/c:-
op bal. Rs.516029/-
Dep Reserve till 31/03/2012 Rs.152444/-cash sale on 20/5/2012 Rs.350000/-
Loss on sale of car Rs. 13585/-
Car Purchase on 20/05/2012 Rs.1020160/-
Now as per company act, wat will b the treatment of depreciation reserve and loss on sale of car?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
29 May 2012 Correct Accounting entry is given in next msg.
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
29 May 2012 Depreciation A/c Dr XXXX
To depreciation Reserve A/c XXXX
Depreciation for 51 days will first be provided and then following entry will be passed.

Cash A/c Dr 350000
Depreciation Reserve A/c Dr (152444+XXXX)
Loss on sale of Fixed Assets A/c Dr (13585-XXXX)

To Motor Car A/c 516029
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