sumit (CA student) (203 Points)
24 September 2008Hi.....pls help me with this query.
Gross Block of car as on 1.4.2007 - Rs.3690704.55
Accumulated Depreciation till 31.3.2007 - 2530035.35
New Car purchased on 11.3.2008 for Rs.7724876
Car sold on 14.3.2008 ( which has the gross block and accumulated depreciation as mentioned above) for Rs. 1450000
Deprecation Rate - 25.89%
Please tell me what journal entries need to be passed regarding accumulated deprecation and depreciation for current year for both the cars and for what amount??
Shubhankar Limaye
(B.Com.)
(174 Points)
Replied 25 September 2008
For NEW car :
Car A/c Dr. at Gross Value i.e. 7724876
To Creditor
For Sale of Car:
Depreciation A/c Dr. Depreciation from 1.4.07 to 14.03.08
To Accumulated Depreciation on Car (If such account exists, otherwise the same may be credited to Car A/c)
If Sold at Profit :
Debtor A/c Dr. 1450000
Accumulated Depreciation A/c Dr. Total Depreciation charged till now
To Car A/c (Gross Cost of Car)
To Profit on Sale of Car (Profit)
If Sold at Loss :
Debtor A/c Dr. 1450000
Accumulated Depreciation A/c Dr. Total Depreciation charged till now
Loss on sale of Car A/C Dr. (Loss)
To Car A/c (Gross Cost of Car)
Presentation
Opening Gross Block + New Car's Gross Cost - Gross Cost of Car Sold
Opening Depreciation Block + Current Year's Depreciation (Inclusing Depreciation on Car Sold) - Total Depreciation Charged on Car sold (Including current year's Depreciation on that Car)
Hi.....pls help me in following question
1 income tax list of all asset depreciation of2008-2009
2. income tax return filling show net salary, Gross salary !
3 short term long term capital gain on stock trading how to calculate please example & formula
4 pleas locking period of (KVP , NSC, PPF , MUTUAL FUND ) investment.
5. i am investment 100,000 Rs under 80c only for this year but i am confused this slab only for 100,000 limit one year or every year 100,000slab limit in investment.
please answer also in my mail id :- dalwadi.ritesh @ yahoo.com
Thank you,
ritesh dalwadi
| Originally posted by :Guest | ||
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Hi.....pls help me in following question 2. deprecitation journal entry 3. type of deprecitation please answer also in my mail id :- m.jayaraman @ rocketmail.com |
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sudeep
(student)
(24 Points)
Replied 14 July 2009
plz send me the CA Final Question Paper of Nov. 2007, May 2008, Nov. 2008 & June 2009 urgently.
Thanks
CAclubindia
