how to find the value of car? Question from npo

My dear friend,

You have not mentioned the date & Year of closing value of car and also mention whether you want answer according to income tax or as per accounts

if you mention the above, I think I would help you 

hello sumit

Calculate the value of car as per accounts and the year of closing is 30th sept 2008,its already in my question.

Hello Ravi,

Please see Notes and assumption given below with the solution

Calculation of Closing Stock of Car as on 30-10-2008

Cost of new car                   (25200+6000)        = 31200

Less: Depreciation for 6 months   @ 15%           = 2340

         (i.e. April to September)

Closing Value as on 30 Sep 2008                     =  27960

ASSUMPTIONS:

1 Car is purchased in the month of April 2008 (as you have said during current year)

2  Rs.6000 i.e. sale proceed of old car is also invested in the purchase of new car

Note

It is immaterial to say that there is any relation to the old car in the value of closing stock of car because as you have given accumulated depreciation as on 1-10-2007 on old car. It depicts that you have sold that car as on1-10-2007

IF YOU ARE NOT SATISFY ANY POINT OF THE ANSWER THEN ASK THE POINT BY GIVING CLEARITY ON THE ASKED POINT.