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sale of old car

This query is : Resolved 
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(Querist)
17 July 2011 dear sir,

i working in paper manfacturing company.we have one old car for staff welfare.we want sold that now.that car will showing in the fixed assect in balance sheet.

query:
1.we want to sell means we want to dill it in our campany bill.

2.we want to bill it means how much % vat will collect from they.

3.or.old car sale means vat not applecable rules are ther.

4.we sold the car less than car value in fixed assect. how we make a journal entry.
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CA Amit Joshi

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CA Amit Joshi (Expert)
17 July 2011 No VAT chargeable on it and for the entry is:
Cash A/c Dr
P&L A/c Dr. (Difference i.e. loss)
To Car
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