Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
in case of a company m having foll. balances in car a/c:-
op bal. Rs.516029/-
Dep Reserve till 31/03/2012 Rs.152444/-cash sale on 20/5/2012 Rs.350000/-
Loss on sale of car Rs. 13585/-
Car Purchase on 20/05/2012 Rs.1020160/-
Now as per company act, wat will b the treatment of depreciation reserve and loss on sale of car?
op bal. Rs.516029/-
Dep Reserve till 31/03/2012 Rs.152444/-cash sale on 20/5/2012 Rs.350000/-
Loss on sale of car Rs. 13585/-
Car Purchase on 20/05/2012 Rs.1020160/-
Now as per company act, wat will b the treatment of depreciation reserve and loss on sale of car?
29 May 2012
Correct Accounting entry is given in next msg.
29 May 2012
Depreciation A/c Dr XXXX
To depreciation Reserve A/c XXXX
Depreciation for 51 days will first be provided and then following entry will be passed.
Cash A/c Dr 350000
Depreciation Reserve A/c Dr (152444+XXXX)
Loss on sale of Fixed Assets A/c Dr (13585-XXXX)
To Motor Car A/c 516029
To depreciation Reserve A/c XXXX
Depreciation for 51 days will first be provided and then following entry will be passed.
Cash A/c Dr 350000
Depreciation Reserve A/c Dr (152444+XXXX)
Loss on sale of Fixed Assets A/c Dr (13585-XXXX)
To Motor Car A/c 516029
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
