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What entry should be paased in the book ?

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Yatender Sharma

Yatender Sharma (Querist)
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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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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 )

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CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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03 October 2011 the above entry shld be passed with the amount of loan

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