How to pass entry for car with loan
This query is : Resolved
Snekdha Sheikh
(Querist)
03 February 2025
How do I pass entry for car purchase
Suppose the car is worth 30 lakh
I did 10lakh cash payment remaining is loan and I wanted to calculate tax as well in purchase and how do I settlement for the further loan with interest
Suppose the car is worth 30 lakh
I did 10lakh cash payment remaining is loan and I wanted to calculate tax as well in purchase and how do I settlement for the further loan with interest
Nikhil Kaushik
(Expert)
03 February 2025
Car A/c (fixed Asset) - Rs 30 lakhs
To Bank Account - Rs 10 Lakhs
To loan Account - Rs 20 Lakhs
For interest accrual and loan repayment, you just pass the accounting entries like you do for any other loan.
To Bank Account - Rs 10 Lakhs
To loan Account - Rs 20 Lakhs
For interest accrual and loan repayment, you just pass the accounting entries like you do for any other loan.
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