Entry on sale of bike
This query is : Resolved
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.
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.
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.
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.
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- Rent claimed on building given on permissive possession basis
- PF wage ceiling
- Missed TDS
- ITC BENEFIT ON BROKRAGE PAID
- Taxation on Old jewellery sold
- Correction in TDS return New Traces Portal
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
