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
Message likes :
1 times
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.
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Specified Profession
- Last year TDS Claim
- TDS related Query_Liquidated Damages
- STCG FOR GOLD ETFs
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
