Purchase entry
This query is : Resolved
Querist : Anonymous
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?
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?
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.
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.
22 February 2010
Agreed. Vehicle purchase is Fixed asset
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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