06 June 2014
FOR A PVT LIMITED CO. FIXED ASSETS AS CAR VALUE ON 1-4-2013 WAS RS.125000/-, WHICH WAS SOLD ON 30.09.2013 FOR RS. 120000/-, NOW RS.5000/-DR.BALANCE ON 30.09.2013, WHILE IF I CALCULATE DEPRECIATION @25.89% IT WILL BE RS.16182/-ON 30.09.2013, NOW PLEASE SUGGEST ME JOURNAL ENTRY FOR THE ABOVE...
06 June 2014
Dr.DepreciationA/c 16182 Cr.Accumulated dep.on fixed assetA/c 16182
Dr.Buyer of or car A/c (Amount of sale value) Dr.Accumulated dep..A/c(Acc.dep..till date of sale) Dr.Loss on sale(B/f) Cr.Fixed AssetA/c (cost of car) Cr.profit on sale of carA/c(Balance fig(B/f)
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