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malarvannan (accounts executive)     03 April 2012

Entry for sale of vehicle

Dear friends

 

1. Vehicle sold for 400000/-

  I received by cash 200000/- & chq pymt 200000/-

what is the accounting entry pls guide me.

Very urgent

 

Thanks & Regards

Malarvannan.D



 7 Replies

 Aditya Sharma

Aditya Sharma (finance advisory)     03 April 2012

cash a/c dr. 2 L

bank a/c dr. 2L

loss on sale (if any) a/c dr. (e.g. 3L)

        to vehicle a/c 2+2+3 L 

Rahul

Rahul (Chartered Accountnat CS)     03 April 2012

Yes. Agreed wid aditya
Mihir Doshi

Mihir Doshi (B.Com, CA, CS, LLB)     03 April 2012

Also take care of accumulated depreciation (if any)
chandu

chandu (student)     03 April 2012

ya.i agrd wid adithya & mihir

V P Narasimhan

V P Narasimhan (Accounts Manager)     03 April 2012

Dear

Above all the Profit or Loss on Sale out of realization also tobe considered & accounted

dheeraj

dheeraj (student)     03 April 2012

The correct entry i think is:-

If cheque is not deposited on same day:

CashA/c............Dr  400000

P&LA/c.....LossDr

       To Vehicle A/c    WDV value of asset     

        To P&LA/c.....Profit

If cheque is deposited on same day:

Bank A/c................Dr  200000

Cash A/c................Dr 200000

 P&LA/c.....LossDr

               To Vehicle A/c    WDV value of asset    

                To P&LA/c.....Profit

CA PRAVEEN SINGH

CA PRAVEEN SINGH (MANAGER ACCOUNTS)     04 April 2012

 

Bank A/c................Dr  200000

Cash A/c................Dr 200000

 P&LA/c.....LossDr

               To Vehicle A/c    WDV value of asset    

                To P&LA/c.....Profit

 

 

 

 


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