Insurance of Car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2010
Please Suggest me the journal entry:
a car purchase of Rs. 200000 and car insurance 15000 on 30 sep. 2010. what is journal entry
a car purchase of Rs. 200000 and car insurance 15000 on 30 sep. 2010. what is journal entry
31 December 2010
Initial costs at the time of acquisition of FA, should be capitalised e.g. insurance, registeration, accessories etc.
The entry would be:
Vehicle Account Dr. 215000/-
To Car Dealer A/c 215000/-
(if Car dealer is doing insurance)
if you are paying insurance separately to insurer then pass two entry:
1. Vehilce A/c Dr. 2 L
to Car Dealer A/c 2 L
2. Vehicle A/c Dr. 0.15 L
to Bank A/c 0.15 L
The entry would be:
Vehicle Account Dr. 215000/-
To Car Dealer A/c 215000/-
(if Car dealer is doing insurance)
if you are paying insurance separately to insurer then pass two entry:
1. Vehilce A/c Dr. 2 L
to Car Dealer A/c 2 L
2. Vehicle A/c Dr. 0.15 L
to Bank A/c 0.15 L
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