Entry on sale of bike

This query is : Resolved

Lokesh Sharma (Querist)
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19 March 2020 Dear All,
I want to ask a question.
As I m working in automobile sector ( a two wheeler motorcycle company )
I want to know all the journal entry on selling the bike to customer with registration and insurance .with their head.
So please provide me the solution.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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08 May 2020 Bank/Cash needs to be debited
Customers needs to be debited in entire payment is not made fully and opted for EMI facility
Sales of Bikes and others accessories needs to be credited as it is income in nature for the seller.
IF insurance amount is collected it needs to be credit as it a liability and will needs to be paid to the insurer as applicable.

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