loan entry- urgent
This query is : Resolved
Hetal shah
(Querist)
21 July 2011
a person has purchased a bike on installment basis then what is the entry. as per e.g. bike at 1000 paid 300 & taken 700 loan from fcl & paid installment of 400 in which 350 as principal & 50 as int per month for 2 months then what is the accounting entry in detail & for each transaction.
Aditya Maheshwari
(Expert)
21 July 2011
record bike at 1000 and interest expense as 100
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