Depriciation
This query is : Resolved
23 January 2013
dear expart
a commission holder aget purchase car on finance of Rs 280000 and car value of Rs 344960 intalment payment of Rs 73000 ant intarest payment of Rs 23355. now dear respected sir my questions its treatment in p/l a/c and B/S AND ALSO want to know that he show depriciation as business expenses if yes then % of depriciation? please provide me caculation if possible. thanks.....
a commission holder aget purchase car on finance of Rs 280000 and car value of Rs 344960 intalment payment of Rs 73000 ant intarest payment of Rs 23355. now dear respected sir my questions its treatment in p/l a/c and B/S AND ALSO want to know that he show depriciation as business expenses if yes then % of depriciation? please provide me caculation if possible. thanks.....
24 January 2013
Depreciation has to be provided on 344960. Assuming that the asset has been used for more than 180days during the financial year
provide depreciation @ 15% on car.
.
Car is exclusively used for business purpose, hence entire Depreciation a/c balance will be tfd to P&L A/c.
.
Credit Interest to Car loan A/c and Debit the Interest A/c. Interest A/c will be closed by transferring the balance to P&L A/c.
.
provide depreciation @ 15% on car.
.
Car is exclusively used for business purpose, hence entire Depreciation a/c balance will be tfd to P&L A/c.
.
Credit Interest to Car loan A/c and Debit the Interest A/c. Interest A/c will be closed by transferring the balance to P&L A/c.
.
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