Vehicle purchased

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gopal (Querist)
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28 March 2015 dear sir,

we have purchased vehicle in exchange of another vehicle.bool value is high & we sell vehicle lower price.how to pass general entries.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 March 2015 New vehicle ac dr
Loss on sale of assets ac dr
(difference between book value and sale value considered for exchange)
To Old vehicle ac (book value) cr
To Bank ac cr

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