Month: November 2024
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Accounting for Loss on Sale of Fixed Assets in TallyPrime: 3 Steps
1. Understanding Loss on Sale of Fixed Assets in TallyPrime When a fixed asset is sold for a price lower than its book value (original cost minus accumulated depreciation), a loss is incurred. This loss needs to be recognized in your financial records. 2. Steps to Record the Loss on Sale of Fixed Assets in…
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Profit on Sale of Fixed Assets in TallyPrime: 3 Steps + Example
1. Understanding the Concept of Profit on Sale of Fixed Assets in TallyPrime When a fixed asset is sold for a price higher than its book value (original cost minus accumulated depreciation), a profit is realized. This profit needs to be recognized in your financial records. 2. Steps to Record the Profit on Sale of…
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Sale of Fixed Assets in TallyPrime: 5 Steps + Easy Example
1. Understanding Fixed Asset Sales in TallyPrime When a fixed asset is sold, it’s essential to record the sale and adjust the related accounts. This involves recognizing the sale proceeds, calculating any gain or loss on the sale, and removing the asset from your books. 2. Steps to Record Sale of Fixed Assets in TallyPrime:…
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Goods Returned to the Principal in TallyPrime: 4 Steps + Example
1. Understanding Goods Returned to Principal in TallyPrime When goods are returned to the principal, it’s essential to record this transaction in TallyPrime to accurately reflect inventory levels and financial accounts. 2. Steps to Record Returned Goods to Principal in TallyPrime: 1. Create a Material Out Voucher: Go to Gateway of Tally > Vouchers >…