please suggest me how to book entry in tally if i received cash by selling old vehilce.
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Accounting entry
Replies (3)
Quick Summary
Cash / bank a/c debit
to vehicle a/c.
if profit or loss has been generated then trf the balance to statement of P/L
to vehicle a/c.
if profit or loss has been generated then trf the balance to statement of P/L
You have consider depreciation also.
Cash A/c Dr
Deprecation A/c Dr
Profit & Loss A/c Dr
To Vehicle A/c Cr
( Vehicle sold in cash loss on sale transfer to P&L )
If Profit on sale of Vehicle , then P&L account will be credited .
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