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)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Gratuity paid to legal heir above 20 lakh is taxable or not
- ARCA LOGIN
- RCM and same line
- Closer of business and itc of capital goods
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
