Query relating to accumulated deprecation

Hi.....pls help me with this query.

Gross Block of car as on 1.4.2007 - Rs.3690704.55

Accumulated Depreciation till 31.3.2007 - 2530035.35

New Car purchased on 11.3.2008 for Rs.7724876

Car sold on 14.3.2008 ( which has the gross block and accumulated depreciation as mentioned above) for Rs. 1450000

Deprecation Rate - 25.89%

Please tell me what journal entries need to be passed regarding accumulated deprecation and depreciation for current year for both the cars and for what amount??

 

Replies (5)

 For NEW car : 

Car A/c  Dr.  at Gross Value i.e. 7724876

To Creditor

For Sale of Car:

Depreciation A/c Dr. Depreciation from 1.4.07 to 14.03.08

To Accumulated Depreciation on Car (If such account exists, otherwise the same may be credited to Car A/c)



If Sold at Profit :

Debtor A/c Dr.  1450000

Accumulated Depreciation A/c Dr. Total Depreciation charged till now

To Car A/c (Gross Cost of Car)

To Profit on Sale of Car (Profit)

If Sold at Loss :

Debtor A/c Dr.  1450000

Accumulated Depreciation A/c Dr. Total Depreciation charged till now

Loss on sale of Car A/C Dr. (Loss)

To Car A/c (Gross Cost of Car)



Presentation

Opening Gross Block + New Car's Gross Cost - Gross Cost of Car Sold

Opening Depreciation Block + Current Year's Depreciation (Inclusing Depreciation on Car Sold) - Total Depreciation Charged on Car sold (Including current year's Depreciation on that Car)

 

thnks for dis info

Hi.....pls help me in following question

1 income tax list of all asset depreciation of2008-2009

2. income tax return filling show net salary,  Gross salary !

3 short term  long term capital gain on stock trading  how to calculate please example & formula

4 pleas locking period of  (KVP , NSC, PPF , MUTUAL FUND ) investment.

5. i am investment 100,000 Rs under 80c only for this year but  i am confused this slab only for 100,000 limit  one year or every year  100,000slab limit in investment.

please answer also in my mail id :- dalwadi.ritesh @ yahoo.com

Thank you,

ritesh dalwadi

 

 

Originally posted by :Guest
"

Hi.....pls help me in following question
1how to calculate deprecitaion and give example

2. deprecitation journal entry

3. type of  deprecitation

please answer also in my mail id :- m.jayaraman @ rocketmail.com
Thank you,

 
 

"

plz send me the CA Final Question Paper of Nov. 2007, May 2008, Nov. 2008 & June 2009 urgently.

Thanks

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details