sale of motor car/JV pass method

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Abhijit Dutta (Querist)
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27 December 2010 Dear sir,
please solve my following accounting problem:-

Opening Balance of Motor car = Rs.1,73,514/= and sale of Motor car Rs.1,40,000/=(including vat Rs.5,385/=)

I want to know what is the JV entry and how much depreciation figure. any profit/Loss.

thank you

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 December 2010 Dr:Bank/ (Debtor- Incase credit sale)
Dr:Provision for Depreciation- Motor car
Cr:Loss of sale of Motor car(140000-dep-vat-173514)
Cr:VAT payable ( Rs.5385)

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