Sale of motor car of a school
Yasir (article assistant ) (445 Points)
06 August 2023rs 223607
sold on 21-11-2022 for rs 200000
how to pass journal entry for the transaction
and can depreciation will be provided till 21st November 2023
Yasir (article assistant ) (445 Points)
06 August 2023
RAJA P M
("Do the Right Thing...!!!")
(127962 Points)
Replied 06 August 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14546 Points)
Replied 06 August 2023
Bank A /c Dr
Depreciation A/c Dr
Loss on Sale ( car) A/c Dr
To Motor Car A/c Cr
( Motor Car sold )
Loss on Sale ( car) A/c will be transferred to Income & Expenditure account.
Income & Expenditure A/c Dr
To Loss on sale ( car) Cr
( Loss transfer entry)
Also transfer Depreciation to Income & Expenditure Account
Income & Expenditure A/c Dr
To Depreciation A/c Cr
( Depreciation transfer to Income & Expenditure Account )
RAJA P M
("Do the Right Thing...!!!")
(127962 Points)
Replied 06 August 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14546 Points)
Replied 06 August 2023
RAJA P M
("Do the Right Thing...!!!")
(127962 Points)
Replied 06 August 2023
Yasaswi Gomes new
(Finance )
(4492 Points)
Replied 06 August 2023
Lower of carrying amount and sale value and CA has depreciation but fair value is usually lower than ca. It could have been higher of ca or sale value
sabyasachi mukherjee
(27129 Points)
Replied 08 August 2023
RAJA P M
("Do the Right Thing...!!!")
(127962 Points)
Replied 08 August 2023
Live class on PF & ESI Enrollment & Returns Filing(with recording)