Depreciation
This query is : Resolved
Querist : Anonymous
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?
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?
CA CS Amit S. Kedia
(Expert)
29 May 2012
Correct Accounting entry is given in next msg.
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
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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