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This query is : Resolved

saranya (Querist)
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30 December 2015 Dear Experts how to pass entry in tally for :
Sale of Old Car and it was utilized for buying new car Ex: Old Car Sold at Rs. 1,40000/-
New Car Value is Rs.4,44949/- balance cash Rs.304949/- as Loan so pls guide how to pass the entry

Regards
Saranya

Ankur Singhal

Ankur Singhal (Expert)
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30 December 2015 Dear saranya
1. Sale entry
Bank A/c Dr ( sale value)
Profit/Loss on sale(B.F)
to Car a/c( book value)

2. Purchase entry
Car A/c Dr.(Purchase price)
to Bank
to car loan

saranya

saranya (Querist)
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30 December 2015 Sir's how to account the assest which is not recorded in the books and now the vehicle has been also solded out

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Amol S Joglekar

Amol S Joglekar (Expert)
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30 December 2015 No need to account for the same as it is not recorded in the books of accounts.

If the owner insists, then route the above said entries through Capital Account of the owner.

Ankur Singhal

Ankur Singhal (Expert)
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30 December 2015 Agree with the learned expert Mr.Amol.