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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?
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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 |
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1 Answers Chartered Accountant,
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