i had purchased a car in 2015 @ 1383110 for which depriciated value for car as on 1.4.25 was 320351. i sold the car on 1.2.25 for 525000. so its a profit of 204649 as per books, so please suggest me how to do entry in tally prime.
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Car sale entry in tally prime
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Journal entry for :
Debit : Bank/Cash account Rs.5,25,000
Credit : Car account Rs.3,20,351
Credit : Profit on Sale of Asset Rs.2,04,649.
Helo Sir, Please confirm gst payable on above case of car sale, and also confirm it is sale and will reflect in GSTR1 & 3B if GST payable on profit @ 18% and we need to book as a sales voucher in Tally prime ??
GST Applicable on old car sale @ 18%, Deposit Challan and File DRC 03 voluntarily. No need to show in GSTR1 & GSTR3B. because GST is applicable only profit portion.
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