Sale of car
This query is : Resolved
23 June 2013
A person has sold car for Rs.400000 on 20/12/2012.
The purchase price of car was Rs.685000 in june 2009.
The depreciation was claimed @50%.
What is the entry for the same transaction.
The purchase price of car was Rs.685000 in june 2009.
The depreciation was claimed @50%.
What is the entry for the same transaction.
23 June 2013
Dr:Bank Rs.400000
Dr:Provision for depreciation Rs.342500
Cr:Fixed asset Rs.685000
Cr: Profit on sale of fixed asset Rs.57500
Dr:Provision for depreciation Rs.342500
Cr:Fixed asset Rs.685000
Cr: Profit on sale of fixed asset Rs.57500
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