answersLogoWhite

0

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.

User Avatar

Wiki User

10y ago

What else can I help you with?

Related Questions

What is motor lorry a debit or a credit?

Since Motor Lorry is an Asset, it is a Debit.


What are the journal entries for the sale of a vehicle at a loss?

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.


Is prepaid insurance a debit or credit?

Debit


Does cash on hand have a debit or credit balance?

credit


Is a refund to a credit card a debit or credit?

Debit


Is cost of sale credit or debit?

Credit or debit


What are the rules of debit and credit for assets?

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.


Why is it important to memorize the debit and credit rules?

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.


Is drawing debit or credit?

its debit.


How do you post a debit or a credit?

debit is the receiver,credit is the giver


Bank overdraft is in debit or credit side?

credit side


Is bank loan credit or debit in trial balance?

credit