Accounting treatement??
This query is : Resolved
04 May 2012
Dear all,
Please let me know what is the accounting treatment of following transaction.
ABC Co. Purchased a Vehicle (Car) of Rs.30,00,000/-
Loan from Bank is about 20,00,000/-
Balance Rs.10,00,000/-
Margin Money is Rs.100,000/-
R. Tax etc. Rs.250000/-
Total Payment to Dealer=Rs.13,50,000/-
Cash Discount given by dealer=Rs.50,000/-
Net Payment=Rs.13,00,000/-
Please Reply soon.
Thanks in advance..
Please let me know what is the accounting treatment of following transaction.
ABC Co. Purchased a Vehicle (Car) of Rs.30,00,000/-
Loan from Bank is about 20,00,000/-
Balance Rs.10,00,000/-
Margin Money is Rs.100,000/-
R. Tax etc. Rs.250000/-
Total Payment to Dealer=Rs.13,50,000/-
Cash Discount given by dealer=Rs.50,000/-
Net Payment=Rs.13,00,000/-
Please Reply soon.
Thanks in advance..
19 May 2012
Vehicle Dr 32,00,000
Margin Money Dr 1,00,000
To Bank Loan Cr 20,00,000
To Bank Cr 13,00,000
(Recording Vehicle net of discount and aditing the direct expenditure of taxes in cost of asset)
Margin Money Dr 1,00,000
To Bank Loan Cr 20,00,000
To Bank Cr 13,00,000
(Recording Vehicle net of discount and aditing the direct expenditure of taxes in cost of asset)
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