Journal entry
This query is : Resolved
01 November 2013
there is a income of Rs 200000 shown in computation as income from truck.what would be the journal entry for purchase of a new truck for income purpose?
01 November 2013
Fixed Asset(Truck) A/c Debit
TO Mode of Payment for Truck
or
TO Creditor name(From whom u have made purchase)
Or both.
(Being amount given for purchase of truck)
TO Mode of Payment for Truck
or
TO Creditor name(From whom u have made purchase)
Or both.
(Being amount given for purchase of truck)
01 November 2013
but sir it is not used for business.the person is getting income from it after business income which is shown in computation.how it will be shown as fixed asset?
01 November 2013
u can have more than one business & u can keep books for the business separately also.
And if you dont want to keep books you can do that also, & u can show this income as other income also. Then also you can have asset. Like if you have two or more house, you shows it as asset & its income is house property income & so.............
And if you dont want to keep books you can do that also, & u can show this income as other income also. Then also you can have asset. Like if you have two or more house, you shows it as asset & its income is house property income & so.............
01 November 2013
if separate books are not maintained and payment is made from bank account of business. where i will take it in business book ? because there is bank account in asset side will be reduced.
06 November 2013
Then show the amount as a loan in other business ...............
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