Journal entry

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muralidhar swain (Querist)
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01 November 2013 there is a income of Rs 200000 shown in computation as income from truck.what would be the journal entry for purchase of a new truck for income purpose?

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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01 November 2013 Fixed Asset(Truck) A/c Debit

TO Mode of Payment for Truck

or

TO Creditor name(From whom u have made purchase)

Or both.

(Being amount given for purchase of truck)

muralidhar swain

muralidhar swain (Querist)
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01 November 2013 but sir it is not used for business.the person is getting income from it after business income which is shown in computation.how it will be shown as fixed asset?

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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01 November 2013 u can have more than one business & u can keep books for the business separately also.

And if you dont want to keep books you can do that also, & u can show this income as other income also. Then also you can have asset. Like if you have two or more house, you shows it as asset & its income is house property income & so.............

muralidhar swain

muralidhar swain (Querist)
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01 November 2013 if separate books are not maintained and payment is made from bank account of business. where i will take it in business book ? because there is bank account in asset side will be reduced.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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06 November 2013 Then show the amount as a loan in other business ...............

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