REMOVAL OF ASSET FROM COMPANY ACCOUNTS
This query is : Resolved
18 November 2019
There is a vehicle in company accounts which has actually been purchased for a director.Now the director has resigned and wants the car back. What would be the steps for removing the vehicle from the books of the company.
18 November 2019
From your query , we understand that CAR was sold to the ex director. if so
Bank ( for sales value) Dr
Vehicles ( for basic sales value) Cr
GST Cr
Depreciation from 01.04.19 to till the date of sales
Depreciation Dr
Vehicle Cr
Loss on sales of vehicle ( if loss) Dr
;Profit on sales of veicel ( if Profit) Cr
Vehicle ( Credit of loss on sale) & ( Debit for profit on sale
Bank ( for sales value) Dr
Vehicles ( for basic sales value) Cr
GST Cr
Depreciation from 01.04.19 to till the date of sales
Depreciation Dr
Vehicle Cr
Loss on sales of vehicle ( if loss) Dr
;Profit on sales of veicel ( if Profit) Cr
Vehicle ( Credit of loss on sale) & ( Debit for profit on sale
29 November 2019
can the car be transferred free of cost?
29 November 2019
The decision to be taken by the board. Then also sale value is to be considered as Zero and the book value to be booked as loss on sale of asset. and that amount will be disallowed in Income Tax memo. The GST angle for free supply should also be checked with experts
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