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Gain on sale of asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2013 in last years balance sheet there is a Swift car shown for Rs.155000 at WDV which was purchased 3years ago..... It is sold for Rs.200000 this year. what will the entry be in tally n should we charge depreciation for the same?
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Manpalca

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Manpalca (Expert)
12 November 2013 No Depreciation will be charged.

Entry on Sale of Car :

Bank A/c Dr. 200000
To Swift Car A/c 155000
To Gain on sale of car A/c 45000
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