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