Answer Posted / 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.

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