A car the w.d.v. of which was 105000 was exchanged at a value of Rs. 170000, for purchasing a new car of Rs. 650000, 480000 was paid through bank, what will be journal entry in tally??
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Tally
Replies (3)
1) New Car A/c.........dr 650000
To Old Car 170000
To Bank 480000
2) Old Car A/c.....dr 65000
To Profit on Sale of Car 65000
What abot profit/loss on sale of old car?
How to adjust?
N.UDAYASIMHA
Profit loss on sale of old car will go to profit and loss account ( if car is used for business ). OR it will go under capital account if it used for personal use.
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