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i have puchase a vehicle on 1st of jan 2006 for Rs 40000
and charegd depriciation @25% P.A and sold vehicle on 31st
of dec,2009 RS 10000 what are the general entries related
to this question.
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Answer Posted / lpn
Value of Vehicle as on 1/01/2006 Rs. 40000/-
Ist Year depreciation Rs. 10000/-
IInd Year Deprection Rs. 7500/-
IIIrd Year Depreciation Rs. 5625/-
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Total deprectition for 3 years 23125/-
Value of Vehcile as on dec 2009 16875/-
Book entry as on 31/12/2009 after sold out of Rs. 10000/-
Cash A/c Dr. 10000/-
Loss on Sales Dr. 6875/-
To Vehicle a/c. Cr. 16875/-
(Being vehicle sold out as on 31/12/2009)
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