sale of motor car/JV pass method
This query is : Resolved
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
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
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)
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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