If i purchase a motor car on 1 April 2009 for 100000 /- and sell it after 6 months and 1 days for same rate then what will be the entry for this
and what about depriciation for the same as well as entry
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income tax
Replies (1)
on sale of motor car
Bank A/c Dr
to Motor Car
( Being Motor Car Sold)
in case of Depreciation
Depreciation A/c Dr 15000
to Motor Car 15000
( Being Depreciation Provided @ 15% for whole year)
Motor Car A/c Dr 15000
to Profit & loss A/c 15000
( Being Profit on sale of vehicle accounted for)
Depreciation is provided @ 15% coz car is sold after a period of 181 days.
Hope these entry clear ur doubt.
regards,
ratan
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