Purchase truck on loan
This query is : Open
01 October 2017
Journal entry for Bought out truck on loan from bank
Journal Entry for Installments
Journal Entry for Installments
01 October 2017
Purchase of truck
debit truck a/c
credit bank loan
credit cash/bank (for down payment if any)
for interest charged by bank on the loan
debit bank interest
credit bank loan
for payment of installment
debit bank loan
credit cash/bank as the case may be
debit truck a/c
credit bank loan
credit cash/bank (for down payment if any)
for interest charged by bank on the loan
debit bank interest
credit bank loan
for payment of installment
debit bank loan
credit cash/bank as the case may be
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01 October 2017
In this purchase Truck has been purchased from Truck supplier showroom so that in this case what will be accounting treatment for Truck supplier showroom. Is Truck suppler will come in picture in books of accounts?
01 October 2017
if you have given some advance for booking, then yes......supplier's account should be opened.
01 October 2017
Suppler bill there is TCS has been charged by Truck supplier. Under which rule they have been charged TCS.
This TCS shall be claimed during Tax audit?
This TCS shall be claimed during Tax audit?
01 October 2017
01. yes, the same can be claimed while filing your income tax return.
02. Please ask the said supplier to give the certificate of TCS, so that you can find out the section under which TCS has been done.
02. Please ask the said supplier to give the certificate of TCS, so that you can find out the section under which TCS has been done.
01 October 2017
As per Sec 206 C “ Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall at the time of receipt of such amount, collect from the buyer, a sum equal to one percent of the sale consideration as income tax.
01 October 2017
You can claim such TCS at the tym of filing tax return.
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