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
- 22032 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 |
Mr.x gets Rs66000P.M .He told that you donot cut any dedution from my salary.This is possiable please tell some useful investment
Suppose we are getting a TDS Certificate from our vendor's how can enter the same in our books.
How Adjust The Amount Taken By Partners For Personal Use? Is The Entry For Drawings? Even If The Amt Exceed 5 Lakhs Or As Partners Loan If Its Not Recovered Even After 1 Year? Discribe All.
what is difference between tax invoiced & retail invoice
What are the characteristic features of financial accounting?
What is the meaning of GAPP?
12 Answers Ernst Young, Inventory,
A change in accounting policy is justified (a) To comply with accounting standard. (b) To ensure more appropriate presentation of the financial statement of the enterprise. (c) To comply with law. (d) All of the above.
bank releted question interviw plz tel me
what will be the treatment of tds deducted by clients if the it is private company
There are two Business areas 1100 and 1200. I need to pick 1200 b.areaonly While enter the transaction? could any one please post the answer for this.
why only 6 months interest is charged on drawings
what do you mean by Firm
Audit 
