Sirs,
If a company sold their car (used car)
What will be the accounting entries and VAT .
please guide me.
1 Replies
Jitender
(Chartered Accountant)
(8724 Points)
Replied 27 November 2008
vat will be payable @ 12.5%
entry:
debtor dr
to car
to vat payable
to/by profit/loss on sale of car..
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