JOURNAL ENTRY OF TRUCK PURCHASED ON LOAN
This query is : Resolved
07 September 2010
CAN ANY ONE TELL ME ALL JOURNAL EFFECTS FOR PURCHASE OF TRUCK ON LOAN.
INTEREST CALCULATION BASED ON IMPLICIT RATE OF RETURN.
DETAIL:
TRUCK - PARTY BILL VALUE: 781512
PARTY DISCOUNT ON BILL: 55093
LOAN RECD FROM FINANCE COMPANY : 650000
INITIAL PAYMENT DIRECTLY TO PARTY: 76419
PAID TO FINANCE COMPANY FOR INSURANCE & SD: 26680
TOTAL AMOUNT REPAYABLE TO FINANCE CO IN 47(X 17150) INSTALMENTS: 806050.
TOTAL INTEREST PAYABLE IS: 156049
ESPECIALLY I REQUIRED EFFECT OF INTEREST ON LOAN ONLY-
INTEREST CALCULATION BASED ON IMPLICIT RATE OF RETURN.
DETAIL:
TRUCK - PARTY BILL VALUE: 781512
PARTY DISCOUNT ON BILL: 55093
LOAN RECD FROM FINANCE COMPANY : 650000
INITIAL PAYMENT DIRECTLY TO PARTY: 76419
PAID TO FINANCE COMPANY FOR INSURANCE & SD: 26680
TOTAL AMOUNT REPAYABLE TO FINANCE CO IN 47(X 17150) INSTALMENTS: 806050.
TOTAL INTEREST PAYABLE IS: 156049
ESPECIALLY I REQUIRED EFFECT OF INTEREST ON LOAN ONLY-
07 September 2010
you have to pass the entries as per follow:
ist entry
truck A/c(under fixed assets) Dr 753099.00 (650000+76419+26680)
to party (from where truck purchaed) 726419.00
To cash/bank (insurance co)26680.00
2nd entry
party account Dr. 726419
to loan company 650000.00
to bank/cash (from where truck purchaed) 76419.00
and at the time of payment of installment amount
insurance co account Dr (principal amount)
insterest account Dr (interest amount)
to bank 17150.00
ist entry
truck A/c(under fixed assets) Dr 753099.00 (650000+76419+26680)
to party (from where truck purchaed) 726419.00
To cash/bank (insurance co)26680.00
2nd entry
party account Dr. 726419
to loan company 650000.00
to bank/cash (from where truck purchaed) 76419.00
and at the time of payment of installment amount
insurance co account Dr (principal amount)
insterest account Dr (interest amount)
to bank 17150.00
Message likes :
1 times
07 September 2010
thank u very much, my doubts are cleared now...
thanks
thanks
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