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Purchase entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 February 2010 we Purchase vehicle of 500000 rupees for office use.
downpayment is 100000 rupees. loan amount is 400000 rupees. Emi is 8500 rupees.
so how to enter in purchase & payment entry. & which is voucher entry of EMI?

Vehicle Purchase in fixed assets? / Indirect expences?
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C.A.Javid Patel

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C.A.Javid Patel (Expert)
22 February 2010 i) Vehicle A/c Dr. 5,00,000
To Bank 1,00,000
To Loan A/c 4,00,000

ii) Loan A/c Dr. (Principle Amount)
Interest Dr. (Interest Amount)
To Bank A/c Cr.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
22 February 2010 Agreed. Vehicle purchase is Fixed asset
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
23 February 2010 Loan Repayment is less from Loan amount while its interest is gone to p&L as indirect exp. every year after loan complition there is only one thing in your balance sheet and thats is your vehile a/c.
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