sale of car and transfer of loan on it to the purchaser of c
This query is : Resolved
27 October 2009
i have a query mr. a had sold his car to mr.b and as per sale agreement,mr. b will repay the loan taken to purchase the said car.value of car on date of sale is 724170/-. loan amt. outstanding on the same date is 413817/- please suggest the accounting entries for the same.. thanks and regards
27 October 2009
Car Loan Dr 413817
Loss on sale Dr 310353
To Motor Car Cr. 724170
Be sure you got the depreciated value of the car and loan outstanding balance correct and if there is any amount receivable fron Mr. B that has to be accounted for.
Loss on sale Dr 310353
To Motor Car Cr. 724170
Be sure you got the depreciated value of the car and loan outstanding balance correct and if there is any amount receivable fron Mr. B that has to be accounted for.
28 October 2009
hello mr.sanjay
thanks for replying
in the query mr. a is sole prop.
the dep.value of car is 724170/-
the loan amt. is 413817/-payable on the date of sale;
the purchaser(mr.b) had paid the car loan and taken the car from mr. a
mr.b also paid rs. 20000/- in lieu of insurance of car.(the insurance has been done one month ago by mr.a)
could the loss be adjusted in his capital a/c
thanks for replying
in the query mr. a is sole prop.
the dep.value of car is 724170/-
the loan amt. is 413817/-payable on the date of sale;
the purchaser(mr.b) had paid the car loan and taken the car from mr. a
mr.b also paid rs. 20000/- in lieu of insurance of car.(the insurance has been done one month ago by mr.a)
could the loss be adjusted in his capital a/c
22 July 2025
https://docs.google.com/document/d/1ImKa3RV-p8EgicMiCyL33Hzridum3MFYM-pgUcjzJlI/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
