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Purchase of car on lease

This query is : Resolved 
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(Querist)
09 October 2010 Hello All Experts
Kindly advise me on the entry done for purchase of car on lease. The entry is:

Car A/c Dr 65L
DEaler A/c Cr 65L
Dealer A/c Dr 15L
Car A/c Cr 15L (on a/c of credit note recd)
Bank Car Loan A/c Dr 46L
Dealer A/c Cr 46L(being amt of loan)
Dealer A/c Dr 4L
bank A/c Cr 4L
Kindly reply soon. Urgent
thanks & regards
sanjay
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UMA SHANKER SHARDA

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UMA SHANKER SHARDA (Expert)
11 October 2010 First entry is OK
In second entry if you received cr note for discount on car price, it is also ok
In third Entry you dr car loan whereas it should be credited the correct entry is
Dealer A/c Dr 46 L
Car Loan A/c 46 L
Fourth entry is Ok.
After passing these entries, your dealer A/c will be nill & Car Loan & Car A/c will remain in books and your bank balance will be reduced by Rs.4 L.
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