Motor Vehicle is an asset for business and long term asset which is shown under balance sheet as a asset and like all other fixed assets which has debit balance as normal balance it also has debit balance as normal balance.
Debit
Credit or debit
There are three rules for recording transactions: Personal account Debit the receiver. Credit the giver. Real account Debit what comes in. Credit what goes out. Nominal account Debit all expenses.There are three Golden Rules for Debit & Credit, whole accounting is depend on these three rules :- 1. Debit what comes in & Credit what goes out. 2. Debit the receiver & Credit the..Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
its debit.
Since Motor Lorry is an Asset, it is a Debit.
Answer:Assuming the vehicle is sold for 1,500 cash, the cost of the vehicle is 10,000, and that accumulated depreciation is 9,000: The journel entry is a debit to 'Cash' for 1,500, a credit to 'Vehicles' for 10,000, a debit to 'Accumulated depreciation vehicles' for 9,000, and, a credit to 'Gain on sale vehicles' for 500.
Debit
credit
Debit
Credit or debit
There are three rules for recording transactions: Personal account Debit the receiver. Credit the giver. Real account Debit what comes in. Credit what goes out. Nominal account Debit all expenses.There are three Golden Rules for Debit & Credit, whole accounting is depend on these three rules :- 1. Debit what comes in & Credit what goes out. 2. Debit the receiver & Credit the..Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
its debit.
debit is the receiver,credit is the giver
credit side
credit