Purchase of car on lease
This query is : Resolved
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
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
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.
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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