journal entry
This query is : Resolved
07 August 2010
my employer have book a nano car for rs.4000/- in april 2009
he got the loan from bank rs.140000/- out of total value is rs.214000
the emi started from april 2009 of rs.3000/- for above loan
he got the deliver of car in july 2010 by making the payment of balance rs.70000
so what will be journal entry for the astt year 2010-11 & 2011 -12 balance sheet as he had book the car & loan start from 2010-11 and get the poseesion in 2011-12
totally confuse waiting for reply
he got the loan from bank rs.140000/- out of total value is rs.214000
the emi started from april 2009 of rs.3000/- for above loan
he got the deliver of car in july 2010 by making the payment of balance rs.70000
so what will be journal entry for the astt year 2010-11 & 2011 -12 balance sheet as he had book the car & loan start from 2010-11 and get the poseesion in 2011-12
totally confuse waiting for reply
07 August 2010
AY 2010-11
Dr Advance for Car Cr. Cash / Bank Rs. 4,000
Dr. Advance for Car Cr. Bank Loan Rs.140,000
Dr. Bank Loan, Dr. Interest, Cr. Cash / Bank Rs. 3000
AY 2011-12
Dr. Bank Loan, Dr. Interest, Cr. Cash / Bank Rs. 3000 per month
Dr. Car (asset) Cr. Cash / Bank Rs. 70,000 Cr. Advance for Car Rs.144,000
Dr. Depreciation Cr. Car (Asset) relevant value
Dr Advance for Car Cr. Cash / Bank Rs. 4,000
Dr. Advance for Car Cr. Bank Loan Rs.140,000
Dr. Bank Loan, Dr. Interest, Cr. Cash / Bank Rs. 3000
AY 2011-12
Dr. Bank Loan, Dr. Interest, Cr. Cash / Bank Rs. 3000 per month
Dr. Car (asset) Cr. Cash / Bank Rs. 70,000 Cr. Advance for Car Rs.144,000
Dr. Depreciation Cr. Car (Asset) relevant value
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
