ENTRY OF OLD CAR PAURCHSED


This query is : Resolved 

Quick Summary
This discussion covers how to create a journal entry for purchasing an old car for £700,000. It addresses recording the initial £200,000 payment from a current account and clarifies business transaction limits for cash payments. Advice is also sought on using cheques for further payments related to this car purchase.

21 February 2023 I have bought an old car for 700000. How to do journal entry in audit firm?Have to pay from current account, have paid 2 lakh please advise experts

26 February 2023 You can record by the amount paid though Bank INR 2,00,000/- as the Cash payment limit is 10,000 in business transactions

27 February 2023 Can I do more transactions in cheque for this old car purchsesd ?



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