Depreciation on vehicle.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2012
Can anyone advise me how to account for depreciation.
My old vehicle depreciated value on 31-3-11 was rs. 95,000. I sold it for rs. 1,30,000 on 28-5-11.Bought new car on 28-5-11 for rs. 5,35,000. How to account for difference in old car depreciated value and actual selling price. How to calculate new car depreciated value on 31-3-12.
My old vehicle depreciated value on 31-3-11 was rs. 95,000. I sold it for rs. 1,30,000 on 28-5-11.Bought new car on 28-5-11 for rs. 5,35,000. How to account for difference in old car depreciated value and actual selling price. How to calculate new car depreciated value on 31-3-12.
CA PARAS BAFNA
(Expert)
19 July 2012
Opening WDV 95000
Add: New Vehicle Purchased 535000
Total =630000
Less: Old Vehicle Sold =130000
Balance =500000
Provide depreciation @ 15% on 500000.
.
Add: New Vehicle Purchased 535000
Total =630000
Less: Old Vehicle Sold =130000
Balance =500000
Provide depreciation @ 15% on 500000.
.
SANYAM ARORA
(Expert)
19 July 2012
Agreed with Paras Sir
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
- Gst credit note by supplier
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- GST on reimbursement of expenses
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
