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Selling Second Hand Car innova
What is the Accounting entry for Selling second car innova to a party. on July month.Last year closing balance is 450000 as on 31.03.18 and how depreciation calculated for this year.Explain with accounting entries.thks
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Depreciation wont be calculated on that part of block of asset which is deleted
Entry will be bank account debit, PNL / capital account debit (in case of loss) to car account and capital / PNL account in case of profit.
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