Question

Sold personal car for 1,00,000 out of which 60%
amount deposited into firms Bank & Rest personal
Bank A/c journal entry​

Answer 1

Answer:

Explanation:

In the question, it is clear that the books of accounts are in case of some partnership firm.  The entry will be

1.   Bank A/c Dr     60,000.00

          To Capital A/c    (Sh  )           Rs. 60,000.00

(Being personal  car of Sh  ------- sold  for 1,00,000 out of which 60%

amount deposited into firms Bank & Rest personal

Bank A/c)

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2. In case this is a sole proprietor books of account then entry will be

Bank a/c Dr    Rs 60000.00

Personal Bank A/c Dr   Rs.40000.00

    To Vehicle (Car)                                              Rs 1,00,000.00

(Being personal  car of Sh  ------- sold  for 1,00,000 out of which 60%

amount deposited into firms Bank & Rest personal

Bank A/c)   Further it is presumed that the Car had the book value of Rs,100000.00

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