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Treatment of Car written off
If a car value is reduced from balance sheet and the car is used for personal purpose then what wiĺ be the treatment when preparing computation of income?
Replies (5)
if the block ceases to exists then you need to assess the stcg/stcl.
if not then just show as a deletion from the block
if not then just show as a deletion from the block
is the written off value to be charged to capital account or just to be reduced from balance sheet?
just reduce from BS and transfer to capital account
transfer to capital account? didnt get plz explain
since you are selling but using the car for personal use, so while calculating profit/loss transfer the wdv of the car to capital account and by finding the market value if the car transfer the profit loss to Pand l as below
Capital Dr
to P&l
to Car
capital. Dr
p&l Dr
to car
Capital Dr
to P&l
to Car
capital. Dr
p&l Dr
to car
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