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.
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
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
