Purchase of vehicle
This query is : Resolved
31 October 2012
Dear Sir
Our Company has purchased a new vehicle . for the same we have got loam from ICICI Bank of Rs. 7 Lacs for the tenure of 5 years. ( said amt is directly paid to the dealer.)
Then how to account the said transaction .
1. How to pass entry of Vehicle Purchase
2. What treatment has to be give for the bank loan.
Our Company has purchased a new vehicle . for the same we have got loam from ICICI Bank of Rs. 7 Lacs for the tenure of 5 years. ( said amt is directly paid to the dealer.)
Then how to account the said transaction .
1. How to pass entry of Vehicle Purchase
2. What treatment has to be give for the bank loan.
31 October 2012
Hi,
For Vehicle:
Asset A/c Dr. 7L
...To Creditors A/c 7L
For Loan Receipt:
Bank A/c Dr. 5L
..To ICICI Bank Loan A/c 5L
For Payment for Ase=set Purchased:
Creditors A/c Dr. 7L
...To Bank A/c 7L
Rgds//Vaibhav
Click thank button to convey your appreciation.
For Vehicle:
Asset A/c Dr. 7L
...To Creditors A/c 7L
For Loan Receipt:
Bank A/c Dr. 5L
..To ICICI Bank Loan A/c 5L
For Payment for Ase=set Purchased:
Creditors A/c Dr. 7L
...To Bank A/c 7L
Rgds//Vaibhav
Click thank button to convey your appreciation.
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