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Paying an emi

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 March 2012 Hi
my name is laxman and i am doing an accounts job in jaipur.
i want to ask that
i have shown one car in my proprietorship firm (named A) and took loan form hdfc bank and for this car i paid EMI of Rs. 5000 from my next proprietorship firm (named B).
How to do accounting entries for this in both firms.
can i do this as i make a drawings from my A firm. please explain it.

and just opposite of that i have shown another car in my B firm and paid EMI of Rs. 10000 from A firm. please explain it.

Thanks
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 March 2012 Books of A

Motor Car A/c Dr
To Loan from HDFC Bank

Loan from HDFC Bank A/c Dr
Interest on loan A/c Dr
To B
(Being EMI paid by firm B)

Books of B

A Dr
To Bank
(Being EMI paid on behalf of A)

The entries will reverse in the second case (when car is owned by B & EMI paid by A)
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