Journal Entries For New Vehicle with Loan


This query is : Resolved 

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This discussion explains how to create journal entries for a new company vehicle when a loan agreement is involved. It outlines the accounting treatment for the car asset, the supplier, and the loan itself, including entries for any down payment made via cash or bank.

26 April 2022 how to pass the Journal Entries For New Car for Companies in Loan agreement based.


26 April 2022 CAR A/C ..........DR
TO LOAN A/C

26 April 2022 Car A/c Dr.
To Supplier A/c Cr.

Supplier A/c Cr.
To Loan A/c
To Cash/Bank A/c Cr. (for downpayment)


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