John jeba (Finance executive) (44 Points)
25 August 2012Hi,
Here is an entry which cause us some doubt ,kindly help us to solve, Financial year closing only.
Purchase of Blackberry porsh 160000/- Rs on 01.05.2012 , with a loan from bank of 40% at the rate of 16% interest.
on 25.11.2012 the asset will sold to Director at a cost of 85000/- Depreciation charg is 15% WDV.
kindly provide me entire journal and general ledger
Regards,
john jebaraj
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 August 2012
For purchase of BB entry will be as follows:
blackberry Dr 1600000
To- Bank 96000
To- Bank Loan 70000
For Transfer of BB to Director
Bank A/c Dr 85000
To-BB 85000
Loss on- BB A/c 51000
To- BB 51000
Loss on BB is considered after providing for deprn @ 15% on cost
John jeba
(Finance executive)
(44 Points)
Replied 27 August 2012
| Originally posted by : Giridhar S Karandikar | ||
 |
For purchase of BB entry will be as follows: blackberry Dr 1600000 To- Bank 96000 To- Bank Loan 70000 For Transfer of BB to Director Bank A/c Dr 85000 To-BB 85000 Loss on- BB A/c 51000 To- BB 51000 Loss on BB is considered after providing for deprn @ 15% on cost |
|
Kindly provide the accumulated depression
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 28 August 2012
Gaurav Toksha
(Student CA IPC / IPCC)
(73 Points)
Replied 22 January 2013
| Originally posted by : Giridhar S Karandikar | ||
 |
For purchase of BB entry will be as follows: blackberry Dr 1600000 To- Bank 96000 To- Bank Loan 70000 For Transfer of BB to Director Bank A/c Dr 85000 To-BB 85000 Loss on- BB A/c 51000 To- BB 51000 Loss on BB is considered after providing for deprn @ 15% on cost |
 |
i didnt understand the 1st entry of purchase please elaborate
i am little weak in a/c's
Vishaljeet Singh
(( Expert ))
(108 Points)
Replied 25 January 2013
Mr. Giridhar, please tell me how you have calculated the bank loan as Rs.70000 in 1st entry ?
Shivangi Kalra
(Practicing Chartered Accountant)
(113 Points)
Replied 31 January 2013
blacberry a/c dr 160000
To bank 96000
To bank loan 64000
bank a/c dr 85000 ( dep=160000*15%=24000)
loss on sale A/c dr 51000
To bb a/c 136000
Sanjeev Sethi
(Finance & Accounts)
(40 Points)
Replied 12 February 2013
hi all according to me dep. should be charged for 209 days as BB sold on 25.11.12 not of full year @ 15%.
Sanjeev Sethi
(Finance & Accounts)
(40 Points)
Replied 12 February 2013
and in all entries where you have charged the dep. in books???
Shivangi Kalra
(Practicing Chartered Accountant)
(113 Points)
Replied 20 February 2013
hello sanjeev, there is % of dep given As 15% not written as 15%p.a so no need to calculate days caculation
CAclubindia
