i purchase a vehicle rs 500000,including vat 5% ,
registration fee rs 40420 and insuarance fee 18500, after
the use two year i sale it. how to calculate it cost? what
entry in tally?
Answers were Sorted based on User's Feedback
Answer / satpal
Firstly Calculate Landing Cost of Vehicle for eg.-
Rs. 500000+40420+18500=Rs.558920/-.
Vehicle total cost pay rs.558920.00
Calculate Depriciation 2 year as per company Law
Vehicle Cost ------- 558920.00
Less: Dep 13.91% 77746.00
----------
First Year Net Block ---- 481174.00
Less: Dep 13.91% ---- 66931.00
------------
Net Block & Resale Value 414243.00
------------
If you are input avail tax, less tax value in basic amount
rs.500000.00 (rs.23810)
Tally Entry :-
Purchase entry :-
Vehicle A/c Dr 476190.00
input Vat A/c dr 23809.00
Insurance a/c Dr 18500.00
registration fee a/c 40420.00
To Cash A/c --- 558920.00
Second Entry Cost Addition in purchase for eg. insurance &
registration fees
vehicle a/c dr ---58820.00
To Insurance A/c 18500.00
To Registretion A/c 40420.00
Note> Vat input claim . suppose vat input not claim above
mentioned depriciation & resale value is correct.
Depriciation entry :-
Depriciation A/c Dr 77746.00
To vehicle a/c 77746.00
Same entry next year depriciation Rs.66931.00
resale value show in your books balance sheet asset side
vehicle.
Is This Answer Correct ? | 12 Yes | 7 No |
Answer / rajesh
Total Vehicle cost will be
Rs.500000+40420+18500=Rs.562700/-.
in the two years you might claimed Depreciaton
after Less Depreciation
the vehicle value will be Eg: 400000/-.
if you sold Rs.420000/-.
it will be profit on sales of asset cr
or loss on sales of Asset Dr
Is This Answer Correct ? | 10 Yes | 9 No |
what do you mean by derivative ?
cost of normal waste of material under contact costing is debit to : 1)contract a/c 2) trading a/c 3) matrial a/c 4) profit and loss a/c
What are the nine accounting cycles?
tion betweeninradius and circumradius of an equilateral triangle?
What is accrued expenses .and what is differance between accrued Expenses & Accrued Income?
Difference between outstanding income and accrued income?
What is Suspense Account?
what is mean by portfolio Management?
What is the equation for acid-test ratio in accounting?
What is differed revenue expendature?
Diffrence between Statutory Audit & Internal Audit
Provison for payments (benefits received but bill not received at the closing of accounts)(utilites, Telephone, Rent)