Please suggest the accounting entry that needs to be passed while selling a new car in exchange for an old car.Also suggest the entry when the dealer later reselles the old car as certified pre owned car.
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Entry for advantage cars
Replies (1)
The following entry needs to be passed for your first question.
Cash/Bank A/c Dr.
Old Car A/c Dr.
To New Car A/c.
Secondly for your next question when the dealer later resells the old car as certified pre-owned car.
Cash/Bank A/c. Dr.
To pre-owned certified Old Car A/c.
Please note that the first entry is passed in the books of the seller and the second entry is passed in the books of dealer.
Author - TallySchool
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