Any Accounts Knowledgable individual explain to me.?
We are Ruuning the Proprietor ship Firm ,we enjoy a motor appeal contained by B/S is Rs. 6,00,000 and that coup¨¦ instalment due is going from One Fianace concern is Rs.5,50,000/-
Now we are selling the saloon convenience is Rs.5,50,000 and this amount remunerated through to Finance concern by party
And My entry is
Finance concern A/c dr = 5,50,000.00
Loss on Sale of Car = 50,000.00
Car A/c = 6,00,000.00
Is't Correct Or Not / Pls Clarifty it.
Answers:
Yes dear the entry passed by you is correct. CLARIFICATION- The nouns gathering is at cr side within your a/c & coup¨¦ is at dr side. Now u want to sel the motor, this requires to nullify both the a/cs. So, by selling vehicle u would otherwise passed the entry as bread dr 550000 p&l a/c50000 to sports car 600000. and nouns co. a/c dr 550000 to currency 550000. But the get-together is going to earnings amt to nouns concern directly so the quesn of brass doesnt arise within ur appendage. so we can combine both entries as u hav done.
I speak you're entry is correct!
First you enjoy sold your coup¨¦ near a loss of 50,000.00.
Then you hold rewarded your debt (the installment due) near proceeds from the Dutch auction of the saloon.
Hi,
Your entry is correct, if as on date of public sale of sports car:
worth of vehicle = Rs 6,00,000
loan outstanding to financing company = Rs 5,50,000
To explain:
financing firm's loan settlement = money off contained by liability = debit to liability account
public sale of saloon = diminution of asset = credit to asset account
loss on same of asset = surrounded by quality of expense = debit to expense account
Hope this help.
Regards
It is definitely correct.
I am a financial advisor. If u interested in investment and want to go and get a hearty return pls contact next to me on +919836264588
What going on for depreciation
Because the loss advantage will be reduced to that extent ,and your loss will be reduced.
we should own a secion of late for homework!
it is not correct, at precent you do not own any saloon. in a minute you can read aloud coup¨¦ expensed out 50,000/-.
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Now we are selling the saloon convenience is Rs.5,50,000 and this amount remunerated through to Finance concern by party
And My entry is
Finance concern A/c dr = 5,50,000.00
Loss on Sale of Car = 50,000.00
Car A/c = 6,00,000.00
Is't Correct Or Not / Pls Clarifty it.
Answers:
Yes dear the entry passed by you is correct. CLARIFICATION- The nouns gathering is at cr side within your a/c & coup¨¦ is at dr side. Now u want to sel the motor, this requires to nullify both the a/cs. So, by selling vehicle u would otherwise passed the entry as bread dr 550000 p&l a/c50000 to sports car 600000. and nouns co. a/c dr 550000 to currency 550000. But the get-together is going to earnings amt to nouns concern directly so the quesn of brass doesnt arise within ur appendage. so we can combine both entries as u hav done.
I speak you're entry is correct!
First you enjoy sold your coup¨¦ near a loss of 50,000.00.
Then you hold rewarded your debt (the installment due) near proceeds from the Dutch auction of the saloon.
Hi,
Your entry is correct, if as on date of public sale of sports car:
worth of vehicle = Rs 6,00,000
loan outstanding to financing company = Rs 5,50,000
To explain:
financing firm's loan settlement = money off contained by liability = debit to liability account
public sale of saloon = diminution of asset = credit to asset account
loss on same of asset = surrounded by quality of expense = debit to expense account
Hope this help.
Regards
It is definitely correct.
I am a financial advisor. If u interested in investment and want to go and get a hearty return pls contact next to me on +919836264588
What going on for depreciation
Because the loss advantage will be reduced to that extent ,and your loss will be reduced.
we should own a secion of late for homework!
it is not correct, at precent you do not own any saloon. in a minute you can read aloud coup¨¦ expensed out 50,000/-.