sale of old car
This query is : Resolved
p.prabhakaran
(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.
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.
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
Cash A/c Dr
P&L A/c Dr. (Difference i.e. loss)
To Car
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- Capital gains in IT returns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
