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Entry for sale of vehicle

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(Querist)
08 November 2010 Hello Experts
Happy Diwali
I have one entry for sale of car in the private ltd co. I have done the entry in this manner. Kindly advise if it is right or wrong.

Car A/c Dr 250000/-
Sale of Car A/c Cr 250000/-
Being amt of sale proceeds.
Sale of Car A/c Dr 51530/-
Profit on Sale of Car Cr 51530/-
Being amt of profit on sale.
the value of car is for Rs.198470/- as per books of accounts as at 1/4/10.
Kindly advise. It is urgent.
thanks and regards
sanjay
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
08 November 2010 Calculate and charge depreciation upto the date of sale. The profit figure will change accordingly.

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