Sale of fixed asset.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 I had a cargo van which i have sold recently..now i needed to make entry in tally but i dont know that how to make entry of it..
In F.Y.2011-12 rate of cargo van was 145000/- but i sold it in Rs.130000/- this year..
please tell me that how should i show the loss amount Rs.15000/- which i have incurred on selling????

thanking you in advance..

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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25 July 2012 You need to supplement the query with the details regarding WDV as on the date of sale as also depreciation upto the date of sale so that a correct solution could be provided.

However, presuming that the WDV as on date of sale was RS. 145000, and sale price being Rs. 130000, the following entry needs to be made in TAlly:-

Bank/Cash/Party A/c Dr. 130000
Loss on sale of fixed asset A/c Dr. 15000

To Fixed Asset -- (CargoVan) A/c 145000.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2012 Loss on sale of fixed assets a/c would be created under which head???