What entry should be paased in the book ?
This query is : Resolved
03 September 2011
a persone MR. X gives unsecured loan to Mr. Y and Mr. Y gives his Old car for full settlement of his account what entry should be paased in the books of Mr. X also give the Details of depreciation
03 September 2011
Dr: Car a/c (Fixed Asset)
Cr: Mr.Y a/c
Depreciation based the useful life of the asset can be provided (since i guess Proprietorship )
Cr: Mr.Y a/c
Depreciation based the useful life of the asset can be provided (since i guess Proprietorship )
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03 October 2011
the above entry shld be passed with the amount of loan
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