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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GST input credit on commercial property
- Gift to nri relatives residing in usa
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
