Depreciation on 12-02-2018 at sale of old car
This query is : Resolved
S ELAVARASI
(Querist)
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 :
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S ELAVARASI
(Querist)
12 July 2018
Thank You sir...
Can I depreciate Whole year or 11 months...?
Can I depreciate Whole year or 11 months...?
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