Interested to Buy Any Domain ? << Click Here >> for more details...
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?
- 2 Answers
- 22959 Views
- I also Faced
- E-Mail Answers
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 |
a purchase of Rs.750 from raghubir has been debited to his account.purchase account has been correctly debited.
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
KINDLY EXPLAIN THREE TYPES OF ACCOUNTS WITH EXAMPLES
Why did you choose the a-levels you did?
If We Paid 15000/- For Advertising Exp To XYZ Co,What IS The Entry And In which Ledger It Entered? Is It Necessanry To Make 2nd Entry? Plz Discribe All.
what is budgeting and steps required to configure this.
1 Answers Meru Cabs, Virtual Studio,
Can anybody tell me the steps involved in Budgeting / Forecasting generally..?. Hints would be appreciated highly.
What is journalizing?
What is the entry for Discount Received? & What is the entry for discount paid?
13 Answers Azizi Bank, i4 Mobiles, WNS,
what is the meaning of prepaid&accruals in accounting?
what is Penal account
1.What is the entry sales and Purchases including discount and TCS 2.if sales but suddenly road accident and only party received 80% and balance staled the insurance company what is entry in accounting booked
Audit 
