Entries
This query is : Resolved
30 December 2015
Dear Experts how to pass entry in tally for :
Sale of Old Car and it was utilized for buying new car Ex: Old Car Sold at Rs. 1,40000/-
New Car Value is Rs.4,44949/- balance cash Rs.304949/- as Loan so pls guide how to pass the entry
Regards
Saranya
Sale of Old Car and it was utilized for buying new car Ex: Old Car Sold at Rs. 1,40000/-
New Car Value is Rs.4,44949/- balance cash Rs.304949/- as Loan so pls guide how to pass the entry
Regards
Saranya
Ankur Singhal
(Expert)
30 December 2015
Dear saranya
1. Sale entry
Bank A/c Dr ( sale value)
Profit/Loss on sale(B.F)
to Car a/c( book value)
2. Purchase entry
Car A/c Dr.(Purchase price)
to Bank
to car loan
1. Sale entry
Bank A/c Dr ( sale value)
Profit/Loss on sale(B.F)
to Car a/c( book value)
2. Purchase entry
Car A/c Dr.(Purchase price)
to Bank
to car loan
30 December 2015
Sir's how to account the assest which is not recorded in the books and now the vehicle has been also solded out
Amol S Joglekar
(Expert)
30 December 2015
No need to account for the same as it is not recorded in the books of accounts.
If the owner insists, then route the above said entries through Capital Account of the owner.
If the owner insists, then route the above said entries through Capital Account of the owner.
Ankur Singhal
(Expert)
30 December 2015
Agree with the learned expert Mr.Amol.
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