How to treat principal and intrest of car/bike loan emi
This query is : Resolved
Hanif Juneja
(Querist)
27 April 2009
I would like to know accounting treatment of principal and intrest amount of emi of car or bike loan purchased by company.
Thanx
I need it urgent
Thanx
I need it urgent
CA. B.SRINIVASULU
(Expert)
27 April 2009
Interest will be debtied to profit and loss account and principle will be debited to loan account.
taxindiaconnect
(Expert)
27 April 2009
The treatment differs on the basis of operting lease or finalcial lease. Please speacify the query and also refere AS 19.
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