Depreciation on 12-02-2018 at sale of old car
This query is : Resolved
11 July 2018
Dear Sir / Madam.,
A Car's opening balance on 01/04/17 Rs. 227,024. The Car sold on 12/02/2018 Rs. 210,000. (Exchange and Purchase New Car).
My Questions :
1. How to provide Depreciation for the Old Car and New Car?
2. How to account this Sale of Old Car?
A Car's opening balance on 01/04/17 Rs. 227,024. The Car sold on 12/02/2018 Rs. 210,000. (Exchange and Purchase New Car).
My Questions :
1. How to provide Depreciation for the Old Car and New Car?
2. How to account this Sale of Old Car?
11 July 2018
For income tax purpose,
To the opening balance add purchase cost of new car , deduct sale value and
depreciate the balance amount.
For accounting purpose
Credit 2,10,000 in the car a/c having opening balance .
Debit new car a/c with the amount paid plus 2,10,000.
To the opening balance add purchase cost of new car , deduct sale value and
depreciate the balance amount.
For accounting purpose
Credit 2,10,000 in the car a/c having opening balance .
Debit new car a/c with the amount paid plus 2,10,000.
Message likes :
1 times
12 July 2018
Thank You sir...
Can I depreciate Whole year or 11 months...?
Can I depreciate Whole year or 11 months...?
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- GST not cancelled by tenant
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
