We had a car valued Rs.3,10,000/-(After depreciation) and it was sold in loss @ Rs.90,000/- in last month.What will be the journal entry on above transaction.Can it be adjusted with another fixed asset hailing in same schedule of fixed asset.
19 December 2013
Block of assets can be made of the said vehicles and the said loss can be adjusted in the said block of assets. Entry will be Cash/Bank A/c Dr To Vehicles(Block)
26 December 2013
firsy you have delete fixed asset sold . . Dr.Accumulated dep.on car A/c (charged on car as on date of sale) Dr.cashA/c(sale proceeds on car) Dr.Loss on sale of Car(B/f) Cr.Car A/c(actual cost of car)
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