Dear friends
1. Vehicle sold for 400000/-
I received by cash 200000/- & chq pymt 200000/-
what is the accounting entry pls guide me.
Very urgent
Thanks & Regards
Malarvannan.D
7 Replies
Aditya Sharma
(finance advisory)
(377 Points)
Replied 03 April 2012
cash a/c dr. 2 L
bank a/c dr. 2L
loss on sale (if any) a/c dr. (e.g. 3L)
to vehicle a/c 2+2+3 L
Mihir Doshi
(B.Com, CA, CS, LLB)
(2187 Points)
Replied 03 April 2012
Also take care of accumulated depreciation (if any)
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 03 April 2012
Dear
Above all the Profit or Loss on Sale out of realization also tobe considered & accounted
dheeraj
(student)
(37 Points)
Replied 03 April 2012
The correct entry i think is:-
If cheque is not deposited on same day:
CashA/c............Dr 400000
P&LA/c.....LossDr
To Vehicle A/c WDV value of asset
To P&LA/c.....Profit
If cheque is deposited on same day:
Bank A/c................Dr 200000
Cash A/c................Dr 200000
P&LA/c.....LossDr
To Vehicle A/c WDV value of asset
To P&LA/c.....Profit
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 04 April 2012
Bank A/c................Dr 200000
Cash A/c................Dr 200000
P&LA/c.....LossDr
To Vehicle A/c WDV value of asset
To P&LA/c.....Profit
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